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Fed’s Lockhart Says Planned Rate Hike Complicated by China

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Federal Reserve Bank of Atlanta President Dennis Lockhart said he continues to expect the first interest-rate hike in nearly a decade this year, while cautioning that a stronger dollar, a weaker Chinese yuan and falling oil prices complicate the outlook.

“I expect the normalization of monetary policy —- that is, interest rates —- to begin sometime this year,” Lockhart said Monday in Berkeley, California, without citing a particular month. “Currently, developments such as the appreciation of the dollar, the devaluation of the Chinese currency, and the further decline of oil prices are complicating factors in predicting the pace of growth.”