PNC Financial Services Chief Economist Stuart Hoffman expects the U.S. Federal Reserve to hike rates very slowly during the summer of 2015.

SHOWS: NEW YORK, USA (JANUARY 29, 2015) (REUTERS - ACCESS ALL)

1. PNC FINANCIAL SERVICES, CHIEF ECONOMIST, STUART HOFFMAN, SAYING:

JOURNALIST ASKING STUART HOFFMAN: 'So should we read this statement today as the Fed signaling to the markets that it is on track to raise rates later this year?'

HOFFMAN: 'That is the way I would read it. I don't think the Fed's changing the timetable at all as you said, they upgraded the word they used to describe economic activity in the last six weeks to 'solid'. I know there is a bit of Fed speak there but that is kind of the most promising they have talked about the economy in years and they said the job growth was strong. They said consumer spending was going to be helped by lower energy prices and a little later they said yes they expect inflation to be lower what they called 'near-term' I would say this year because of the low energy prices, but still inflation moving up towards their target over the next several years. And there were no descents amongst the voters. So I think the bottom line is the Fed is saying we are still on schedule for mid-year summer initial rate hike but then going very slowly.'