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Jan. 6, 2016, 8:50 a.m. EST

Fed's Fischer: Market expectation of 2 Fed hikes this year is 'too low'

WASHINGTON (MarketWatch) - The market's expectation that the Federal Reserve will only raise interest rates twice in 2016 are too low, said Federal Reserve Vice Chairman Stanley Fischer on Wednesday. "We think they're too low," Fischer said in an interview with CNBC. The Fed's own forecast in its "dot plot' are for four rate hikes this year. Fischer said this was more "in the ballpark." He added that policy is not on automatic pilot. "We don't know enough now to know how many [rate hikes] there will be," Fischer said, because the Fed will have to respond to events.

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