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3/24/2017, 5:28 PM (Source: TeleTrader)
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Dudley: Lower jobless rate may buoy inflation

Mirroring the recent assessment by United States Federal Reserve Chair Janet Yellen, William Dudley, president of the central bank's subsidiary in New York, said "the economy is actually at a pretty good place." Interest rate increases have been "extraordinarily gradual" with the aim to achieve a soft landing, the permanent voting member of the national monetary policy panel stated on Friday.

Speaking at York College, he claimed employment and inflation targets are "pretty close" and that the Fed's will be stepping away from easing measures as the jobless rate is nearing the objective. The central banker warned much lower unemployment could send inflation too high. The economy can adjust to gradual tightening "just fine," Dudley underscored.

Funds belonging to Bangladesh were stolen from the New York Fed last year because the country's "facilities were not secure", the bank's chief said. He added cybersecurity risks are "particularly hard" to assess. Concerning the financial system's overhaul that is underway by the government, according to plans of President Donald Trump, Dudley said the Dodd-Frank Act "isn't perfect."

Breaking the News / IT