The U.S. economy is "going very well," with no signs yet of "extraordinary" wage increases, Federal Reserve Vice Chairman Alice Rivlin said Thursday.

"Wage increases have been quite moderate in this expansion, considering that labor markets are very tight in this country," Ms. Rivlin said in an interview on CNBC. She added that no one at the Fed wants to stop growth if they don't have to. "Nobody wants to take the punch bowl away, and nobody wants to slow down the economy unnecessarily," she said.

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