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A Federal Reserve policymaker who has long called for deferring interest rate hikes until next year appeared to soften his stance on Friday, saying that what really matters is that increases, once begun, must be very gradual. "While I favor a somewhat later lift off than many of my colleagues, the precise timing for first increase in the federal funds rate is less important to me than the path the funds rate will follow over the entire policy normalization process," Chicago Federal Reserve Bank President Charles Evans said in remarks prepared for delivery to the CFA Society Milwaukee. When the Fed does raise rates, he said, it is "critically important" that it tells markets clearly that rates hikes will be gradual.
TALLAHASSEE, Fla. (AP) — A judge called Friday for a sweeping overhaul of Florida's electoral map, including the congressional district held by a Republican seeking to become the next U.S. House speaker.