A group of bank economists urged the Federal Reserve Board Thursday to raise short-term interest rates this summer by a quarter point.

"We don't think a large increase is needed," said Joel L. Naroff, chairman of the American Bankers Association's Economic Advisory Committee. "But if the Fed touches the brakes a little bit more it can extend growth through all of 1998."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.