Dallas Fed boss Kaplan tells colleagues to 'get out of the way'

In unusually tough-worded remarks, the head of the Federal Reserve bank of Dallas reportedly said the country's monetary authority should steer clear of further interest rate hikes until mid-year, at the earliest.

On Friday, Reuters reported that, speaking at the Texas Lyceum, Robert Kaplan said: "It's very important that the Fed get out of the way here and take no action in terms of the Fed funds rate for the time being."

He reportedly added that his base case was for the Fed to leave rates as they were until at least June.

Kaplan reportedly also said he saw downside risks to his forecast for US GDP growth of 2% in 2019, pointing to various factors including slower growth in the People's Republic of China among others and widening credit spreads in capital markets which might be indicating tighter financial conditions that would exert more of a drag on growth.

Kaplan was not a vote wielding member of the Federal Open Market Committee in 2019.