Recent market turmoil should not delay the Federal Reserve from raising U.S. interest rates at least once, given that the selloff and a slowdown in China have so far had little effect on the U.S. economy, a top Fed official said on Friday. St. Louis Fed President James Bullard told Reuters that if the global financial market volatility continues until the central bank's policy meeting in mid-September, the policy-making Federal Open Market Committee would be hesitant to begin tightening policy. The Fed could hike rates once then "hang out" at that level if inflation remains too low, he added.
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