WASHINGTON (MarketWatch) -- The recent drop in energy prices has diminished some of his concerns about inflation and inflationary expectations, said Minneapolis Fed President Gary Stern in an interview on CNBC on Tuesday. Stern, a voting member of the Federal Open Market Committee, said it'll take "some time" before U.S. economic growth returns to its potential, and counseled that it would "pay to be patient" before raising interest rates. Stern repeated an earlier comment that the Fed will need to raise rates quickly once it is confident of a recovery. Stern said the current economic environment is similar to the early 1990s, when the headwinds of tight credit kept the economy weak for two or three years.

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