William C. Dudley

President, Federal Reserve Bank of New York and Vice Chair, Federal Open Market Committee


Joined the Federal Reserve: January 27, 2009


Summary Lean Statement Date Publication Date
1  The U.S. Economic Outlook and Implications for Monetary Policy: "In sum, I still anticipate that the combination of decreasing resource slack and anchored longer-term inflation expectations will contribute to inflation rising to our 2 percent objective over the medium term. Even so, because of the more persistent effects of energy and commodity price declines and U.S. dollar appreciation, the return of inflation to that goal may be slower than I earlier anticipated. This does not deny the possibility of some upside surprise―such as a sharp upswing in wage growth triggered by low unemployment. But, on balance, I am somewhat less confident than I was before." Dovish February 29, 2016 February 29, 2016
2  Fed's Dudley dismisses negative US rates, sees economic momentum: "While recently tighter U.S. financial conditions will factor into the Federal Reserve's upcoming policy decisions, it is "extraordinarily premature" to even talk about using negative interest rates to stimulate the economy, a top Fed official said on Friday. "To me, that’s not something that should be part of the conversation right now," New York Fed President William Dudley told reporters at a news conference, when asked about possible use of negative rates." Hawkish February 12, 2016 February 12, 2016
3  Fed's Dudley to MNI: Tightening financial conditions a concern: ""One thing I think we can say with more confidence is that financial conditions are considerably tighter than they were at the time of the December meeting," said Dudley, a permanent voter on the Federal Open Market Committee, the Fed's monetary policy arm. "So if those financial conditions were to remain in place by the time we get to the March meeting, we would have to take that into consideration in terms of that monetary policy decision," he said." Dovish February 3, 2016 February 3, 2016
4  The U.S. Economic Outlook and Implications for Monetary Policy: "So what’s on the docket for monetary policy in 2016? The answer is that it depends on how the incoming data weighs on the outlook, and how changes in the outlook influence our views on the appropriate setting for monetary policy. What I can say is that our expectation at the December FOMC meeting was for further interest rate hikes in 2016 and beyond. Participants anticipated that the federal funds rate would likely continue on a gradual upward path. Over the longer term, FOMC participants expected that the federal funds rate would eventually reach 3 to 4 percent as inflation rose back to our 2 percent objective and the headwinds from the financial crisis that had been restraining economic activity fully dissipated." Neutral January 15, 2016 January 15, 2016
5  Dudley says Fed should 'soon' be ready to raise rates: "Dudley did not say directly that he expected to move before year end, a comment he has made in the past. "I can't tell you when we're going to do it because it will depend on the data," said Dudley, a close ally of Fed Chair Yellen and a permanent voter on the policy-making Federal Open Market Committee. "We have a month until the next FOMC meeting so my view is let's see what the data is over the next four weeks."" Neutral November 20, 2015 November 20, 2015
6  Waiting too long on inflation heightens risks: Fed's Dudley: "Waiting for inflation to pick up before quickly tightening monetary policy heightens the risk of an economic hard landing, New York Fed President William Dudley said on Thursday. "I don't favor waiting until I sort of see the whites in inflation's eyes," said Dudley, who has a permanent vote on the Fed's policy-setting committee." Hawkish November 12, 2015 November 13, 2015
7  The U.S. Economic Outlook and Monetary Policy: "I see the risks right now of moving too quickly versus moving too slowly as nearly balanced. The weight that one puts on each undoubtedly influences one’s views on when the time will be right to begin to normalize monetary policy and the appropriate short-term rate trajectory thereafter." Neutral November 12, 2015 November 12, 2015
8  Dudley Q&A: Liftoff Shouldn't Wait Til 'Whites of Infl's Eyes': ""Monetary policy works with a long and variable lag," said William Dudley, president of the Federal Reserve Bank of New York and vice chair of the Fed's policy-setting Open Market Committee, answering a moderator's questions following a luncheon presentation to the Economic Club of New York. "Personally, I don't favor waiting until I see the whites of inflation's eyes." Dudley, who while New York Fed president is also a permanent voting member of the FOMC, went on to say that delaying the start of rate tightening and raising by an initial 50 basis points rather than 25, would "risk a hard landing on the other side."" Neutral November 12, 2015 November 12, 2015
9  Dudley,Yellen concur: December in play for rate hike: "New York Fed President William Dudley, addressing reporters, said he would "completely agree" with Fed Chair Janet Yellen who had earlier said December is in play for a policy tightening if the economic data points to further improvement in the labor market and to a rebound in inflation." Hawkish November 4, 2015 November 4, 2015
10  NY Fed's Dudley says too early to think about a rate rise: paper: "It is too early to consider an interest rate rise in the United States due to concerns about global economic growth, New York Federal Reserve Bank President William Dudley was quoted as saying by an Italian newspaper on Monday... "It's true we thought we could raise interest rates by the end of 2015, but turbulence on financial markets, modest global growth, energy prices and macro-prudential imbalances are slowing this process down." He added that it was "still too early to think about raising interest rates"." Dovish October 15, 2015 October 19, 2015
11  Fed's Dudley: Rate Hike Could Come This Year: "New York Federal Reserve President William Dudley on Thursday reiterated his view that interest rates could move higher before the end of the year even as the economy appears to be slowing." Hawkish October 15, 2015 October 15, 2015
12  Fed's Dudley still expects 2015 rate rise: "Federal Reserve Bank of New York President William Dudley told television network CNBC on Friday he's still anticipating a rate rise this year. "Based on my forecast, yes I am" still expecting the central bank to boost short-term rates off their current near-zero levels before the year ends, Mr Dudley told the news channel. But he cautioned his view is based on his outlook the economy will continue to grow and add jobs at a decent clip, and he said his views on rates aren't "a commitment" to act. " Hawkish October 9, 2015 October 10, 2015
13  Fed’s Dudley: Still Likely on Track for 2015 Rate Rise: "William Dudley, president of the Federal Reserve Bank of New York, said the decision on when to start lifting rates will be driven by a broad array of considerations, including the health of the U.S. economy, financial conditions and overseas events. The central bank could move at either of its two remaining scheduled policy meetings this year, in late October or mid-December, he said." Hawkish September 28, 2015 September 28, 2015
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