The U.S. central bank can afford to take a wait-and-see stance on interest rates, said Fed Vice Chairman Richard Clarida on Thursday, joining the chorus of officials who say patience is the new watchword. “We begin the year as close to our assigned objectives as we have in a very long time. In these circumstances, I believe patience is a virtue and is one we can today afford,” Clarida said, in remarks prepared for the Money Marketeers of New York University. Fed Chairman Jerome Powell and other senior Fed officials have said they favor stepping back until the central bank better understands the dichotomy between ... (full story)