Fed remains upbeat on economy

TUPELO, Miss., Jan. 20 (UPI) -- The head of the Federal Reserve Bank of St. Louis said Thursday the U.S. economy will continue to grow steadily.

In a speech to businessmen in Tupelo, Miss., William Poole said inflation is under control while both consumer and business spending remain strong.

As a result, Poole said the Fed is likely to keep raising interest rates at a "measured" pace, but he also added rate hikes could be stepped up if inflation were to build up.

The policy-making Federal Open Markets Committee "has emphasized that it is prepared, if necessary, to move more aggressively to protect the relatively low rates of core inflation that now exist," Poole said.