Inflation should stay around the Federal Reserve's target as fiscal stimulus fades next year, Dallas Fed President Robert Kaplan said, adding that risks are balanced around his expectation of at least three more rate hikes by June.

"To the extent that inflation gets above our target, our base case is that that move will be more gradual than something more sudden or substantial," he told reporters. Asked whether he is more likely to get hawkish or dovish on policy, he said: "I wouldn't tilt it one way or the other right now."

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