Atop Fed, Doubt on Rate Timing Arises

``Fed governor Daniel Tarullo said Tuesday in an interview on CNBC that "right now my expectation is--given where I think the economy would go--I wouldn't expect it would be appropriate to raise rates" this year. He said the U.S. economy doesn't have much momentum in a "globally disinflationary environment" and officials should seek "tangible evidence" of a pickup in inflation before lifting rates... "It's probably wise not to be counting so much on past correlations--things like the Phillips curve, which really haven't been operating very effectively for 10 years now," Mr. Tarullo said.''