(Reuters) – The Federal Reserve is welcoming the sharp drop in global energy prices, with two influential policymakers on Monday cheering the boost it should provide American pocketbooks and shrugging off any pressure on already low inflation.

Soft oil prices in particular, which hit a five-year low on Friday, will only temporarily dampen overall U.S. prices, Fed Vice Chairman Stanley Fischer and New York Fed President William Dudley said at separate events. The pair painted a mostly rosy outlook for the world’s largest economy, suggesting the central bank is not letting energy markets distract it from lifting rates some time next year.  Read more