Federal Reserve Governor Laurence H. Meyer hinted Thursday that the central bank is likely to raise short-term interest rates when it meets May 20.

Mr. Meyer told the Forecasters Club of New York that the Fed must preemptively raise rates whenever its fears of higher inflation are supported by strong, continued growth.

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.