Fed’s Bostic: Will see a slow gradual pace of raising interest rates

Reuters reports comments from Atlanta Fed President Raphael Bostic, delivered during an interview with CBS46.

Main Headlines:

On Dow’s biggest daily drop on Monday: "It was something that we hadn't seen in a long time and it's a big number, 12-hundred points, that's real, but if you place it into context, the 12-hundred points from the Dow is a 4.6 percent drop. The drop that happened in 2007, the big drop then was 7 percent. So if from a percentage scale perspective, this was big, but it wasn't the biggest we've ever had."

On Fed rate hike outlook: "If we continue to see the robust growth, if we continue to see the wage increases, we're going to be a slow gradual pace of raising interest rates.”