Mr. Dudley delivered a speech, “A Bit Better, but Very Far from Best” to a standing-room only crowd in Fordham Law’s McNally Amphitheatre. He outlined the challenges that continue to face the Federal Reserve even as economic conditions have started to improve:
The Federal Reserve has been very aggressive in responding to the financial crisis … actions taken have been successful in mitigating the risks of financial collapse and a more severe contraction in economic activity. The financial system is now healthier and the economy is recovering.
Transcripts of Mr. Dudley’s remarks
- Federal Reserve Bank of New York — Official Version
- Fordham Journal of Corporate and Financial Law — Annotated Version
Press Coverage
- Bloomberg: Fed’s Dudley Signals Concern About Risks of Slower Inflation
- Dow Jones (subscription required): Fed Dudley: Rates To Stay ‘Exceptionally Low’ For Extended Period and Dudley: Fed Stimulus To Be Eventually Removed ‘In A Timely Way’
- Marketwatch: NY Fed’s Dudley sees low rates for long time and N.Y. Fed’s Dudley says better pay structures needed
- The New York Times: Fed Is Split Over Timing of Rate Rise
- Reuters: UPDATE 2-Fed’s Dudley says soft economy warrants low rates 1 and Fed’s Dudley: Securitization markets hurt recovery
- RTTNews: NY Fed President Sees Slow Recovery, Low Inflation Risk
- The Wall Street Journal blog: New York Fed’s Dudley: Fed Won’t Raise Rates Soon
- Fordham Corporate Center