The US economy is still too weak for the Federal Reserve to raise interest rates, a senior official has warned, as he mounted a staunch defence of the central bank against a campaign in Congress to limit its independence . Eric Rosengren, president of the Federal Reserve Bank of Boston , struck a dovish tone, warning that conditions in the US economy had deteriorated since March and that inflationary pressures were still subdued for the Fed to begin tightening monetary policy. The warning comes only days after minutes from the March meeting of the Federal Open Market Committee showed policy makers were split over the right moment to start tightening monetary policy. “Several” members […]