Fed's Kaplan says may back June or July rate rise

Dallas Federal Reserve President Robert Kaplan said on Friday that he could back a rise in U.S. interest rates as soon as June or July, if U.S. economic data firms up as he expects. Kaplan, who does not currently hold a vote on the Federal Open Market Committee, said interest rates should rise gradually but that financial markets had underestimated the Fed's readiness to follow December's rate rise with another move. "We'll see how the second quarter unfolds but I think the market may well be un