Major Central Banks to Hike Rates in ‘Relatively Near Future’

US Federal Reserve Vice Chairman Stanley Fischer said that some central banks may soon undertake an increase in interest rates.

WASHINGTON (Sputnik) — Some central banks may soon undertake an increase in interest rates, US Federal Reserve Vice Chairman Stanley Fischer said at the 2015 Asia Economic Policy Conference on Thursday.

"In the relatively near future probably some major central banks will begin gradually moving away from near-zero interest rates," Fischer stated.

On Wednesday, Federal Open Market Committee, a body that operates under the Federal Reserve, announced it may be appropriate to increase the US interest rate in December.

However, Fischer noted that the Federal Reserve is still analyzing incoming data and has not made the final decision on the timing of the interest rate hike.

"We have done everything we can to avoid surprising the markets and governments when we move, to the extent that several emerging market (and other) central bankers have, for some time, been telling the Fed[eral Reserve] to ‘just do it,’ " Fischer added.

The Federal Reserve is the central bank of the United States that is responsible for managing national monetary policy, setting interest rates and regulating banks.