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nmap is from the fed is one of caution when it begins to raise interest rates whenever that might happen I'm Jonathan Spicer Reuters reporter here the Cornell club in New York City where I just listened to Boston fed president Eric Rosengren peak as markets meanwhile are taking another leg down yet a couple of messages number one our message of modesty and gradualism talking about this series of interest rate hikes that are pending they talk about replacing that no inflation get the fed a lot of leeway sort of it where it is now with low rates or maybe a little bit higher perhaps most telling me though he danced around the question of when the fed lightly lift off from the earth zero interest rate that it could happen couple months sooner couple months later can really matter the focus was on what happens in the months and years ahead of all of these comments are hugely critical because we only have two weeks , before the feds meet in Washington in a game include quality medium where they could lift rates for the first time in a decade I was in Jackson Hole a couple of days ago and not possibility was left wide open by the fed policymakers who spoke there