William Dudley Remarks at the New Jersey Performing Arts Center, Newark, New Jersey
Dudley expects Q1 economic growth to be quite weak, but sees downside surprises as "as reflecting temporary factors to a significant degree. The New York Fed chief did not seem overly concerned about Friday's downside surprise to payroll employment growth but noted it as the Fed will have to watch carefully. On first increases in policy rates, Dudley noted two conditions which must be met: continued labor market improvement and reasonable confidence in the FOMC's forecast for inflation to move back to 2 percent over the medium term. He was careful to articulate that even after the first rate hike, we will simply be moving from an extremely accommodative monetary policy to one that is slightly less so.
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