LONDON - Thomas G. Labrecque, chairman and chief executive of Chase Manhattan Corp., said he expects the Federal Reserve to take a "wait and see" the outcome of the last increase in interest rates before moving to bump them any higher.

Mr. Labrecque, answering questions at the International Monetary Conference, deemed the current federal funds rate of 4.25% "neutral." The Fed raised its rate to that level on May 17.

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