/ Source: Reuters
The rut hit by the U.S. economy in the second quarter was due in large part to higher oil prices and the country has now moved on, Federal Reserve Bank of Dallas President Robert McTeer said Tuesday.
"I'm hopeful that the soft patch is mostly behind us. I don't see any good reason for the soft patch. I'm sure high energy prices are a big part of it and I'm hopeful they will come down even more than they have," he told reporters after a speech to the Greater Dallas Chamber.
"I expect the third quarter and the fourth quarter to be better than the second quarter," he added.
McTeer also said that with slack in the economy and strong productivity growth "I don't think inflation is going to be a major problem in the next year or so."
