Statement

Name: William C. Dudley

Summary: 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."

Lean: Neutral

Substantially Similar to Prior Statements: No

Statement Date: January 15, 2016

Publication Date: January 15, 2016

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