FXStreet (Delhi) – Lee Hardman, Currency Analyst at MUFG, notes that the comments from Fed Vice Chairmen Dudley and Fischer both signalled that they still expect the Fed to begin raising this year if incoming economic data releases and events are line with their expectations. Key Quotes “However, they both stressed that it is not a commitment and remains data dependent. Fed Vice Chair Dudley stated that the key to lift off will be whether the labour market continues to improve thereby putting more upward pressure on wages and inflation.” “Last month’s non-farm payrolls report was described as definitely weaker, but he emphasized as well that even monthly job gains of 120k or 150k are enough to continue to push the unemployment rate lower. Overall he sees the US economy as growing a bit above trend and the labour market is tightening gradually which is setting the stage for lift off.” “A similar message has been echoed by Fed Vice Chair Fischer who stated that most participants, myself included, anticipated at the September FOMC meeting that if the economy progressed as expected it would entail beginning to raise rates by year end.” “He stated that while the last two non-farm payroll reports have been disappointing, the job market’s prospects for further improvement look good overall. He also spoke in more detail on the recent focus given in FOMC statements to international developments. He added as well that many foreign central bankers want the Fed to get on with raising rates and they feel prepared for lift off.” For more information, read our latest forex news.