Rosengren sees gradual Fed rate hikes, downplays timing

The Federal Reserve will probably only gradually raise interest rates, irrespective of whether it decides to take the first step a few months earlier or later, a top U.S. central banker said on Tuesday. The dovish president of the Boston Fed, Eric Rosengren, said a more modest policy tightening cycle than in the past is appropriate because of low inflation and threats to U.S. economic growth. Dodging the question of whether he would prefer to start hiking rates at a Sept. 16-17 policy meeting, R