6 Apr 2015
0.6% decline in growth due to dollar rise – Fed’s Dudley
FXStreet (Mumbai) - Federal Reserve Bank of New York President William C. Dudley said today that the US dollar appreciation is shock, which could shave-off 0.6% from the GDP.
On the timing of rate hike, Dudley said Removal of "patient" does not mean the Fed will become "impatient", while stressing that lift-off from record low interest rates would be data dependent. He further added that Monetary policy will not be tight when starting liftoff and that tightening would mean the economy is progressing.
While talking about inflation and growth, Dudley stated longer term inflation expectations have remained steady, while stating that weak March jobs data indicate a weak Q1 growth number.
On the timing of rate hike, Dudley said Removal of "patient" does not mean the Fed will become "impatient", while stressing that lift-off from record low interest rates would be data dependent. He further added that Monetary policy will not be tight when starting liftoff and that tightening would mean the economy is progressing.
While talking about inflation and growth, Dudley stated longer term inflation expectations have remained steady, while stating that weak March jobs data indicate a weak Q1 growth number.