Esther George, the president of the Federal Reserve Bank of Kansas City, wants to raise interest rates "shortly after completion of the taper" of Federal Reserve asset purchases, she said yesterday at a conference on Frameworks for Central Banking in the Next Century at Stanford University's Hoover Institution.

"Many of the rules offering policy guidance on the federal funds rate – such as the Taylor rule and its variants – are already or close to prescribing a policy rate higher than the