Federal Reserve Vice Chairman Stanley Fischer said policy makers' forecasts predicting four interest-rate increases in 2016 were "in the ballpark," though China's slowing economy and other sources of uncertainty make it difficult to predict the path of policy.

"The reason we meet eight times a year is because things happen, and as they happen you want to adjust your policy," Fischer said in an interview Wednesday on CNBC.

Fischer's remarks come three weeks after the Fed raised interest rates for the first time in almost a decade. Policy makers said at the time they would continue to monitor real and expected progress on inflation, which remains below their 2 percent target, as they contemplate when to raise again.

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