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Fed may need to shift inflation gauge after rate hike -Lockhart

Reuters - UK Focus

ATLANTA (BSE: ATLANTA.BO - news) , Nov 19 (Reuters) - The U.S (Other OTC: UBGXF - news) . Federal Reserve may need to change its criteria for judging progress towards its inflation target after it begins its interest rate "liftoff," Atlanta Fed President Dennis Lockhart said on Thursday.

The U.S. central bank's latest policy statement says an initial rate hike would be appropriate as long as there is "reasonable confidence" prices will rise in the medium term, but Lockhart said different criteria may be needed to be sure the price target is met after the liftoff.

"The 'reasonable confidence' criteria was set up for the decision to 'liftoff,' and once we are beyond that point ... we will have to think about our communications in tracking or monitoring inflation," Lockhart told reporters after a speech to a business group in Atlanta. (Reporting by Howard Schneider; Editing by Paul Simao)