William Dudley - Federal Reserve Bank of New York


Last quote by William Dudley

As we reflect on potential changes to the U.S. regulatory regime, we should not lose sight of the horrific damage caused by the financial crisis, including the worst recession of our lifetimes and millions of people losing their jobs and homes. We had a woefully inadequate regulatory regime in place, and while it is much better now, there is still work to do. We should finish the job as quickly as possible, and we should do no harm as we adjust our regulatory regime to make it more efficient.feedback
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Nov 06 2017
William Dudley has most recently been quoted in an article called William Dudley, New York Fed President, Is Expected to Retire. William Dudley said, “I expect inflation will rise and stabilize around the F.O.M.C.'s 2 percent objective over the medium term. Thus, even though inflation is currently somewhat below our longer-run objective, I judge that it is still appropriate to continue to remove monetary policy accommodation gradually.”. William Dudley has been quoted a grand total of 83 times in 57 articles.
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William Dudley quotes

Sep 07 2017

Asset valuations are not particularly troublesome given the economic environment in which we've been.feedback

Sep 01 2017

I deeply regret this omission and am embarrassed by my failure to read these important disclosures more thoroughly.feedback

Aug 15 2017

If the Fed is a little bit aggressive here and surprises the Street, there's a very high probability that we sell off fairly dramatically, because the market's not expecting it.feedback

Aug 14 2017 - Trump administration

The Trump Administration has been very hands-off in terms of the Fed. So, I think they've been very respectful of the monetary policy, not to politicize the monetary policy process.feedback

Aug 14 2017

It depends on how the economic forecast evolves. If it evolves in line with my expectations ... I would be in favor of doing another rate hike later this year.feedback

Aug 14 2017

I don't think the expectations of market participants are unreasonable.feedback

Aug 10 2017

Our outlook anticipates a continued moderate growth trend, with some further strengthening in the labor market and an increase in inflation over the medium term toward our objective of 2 percent.feedback

Aug 10 2017 - Inequality

The forces of technological change and globalization have contributed to wage inequality by pushing up wages for those toward the top, and stifling wage growth for workers toward the middle and bottom of the wage distribution.feedback

Jun 26 2017

Monetary policymakers need to take the evolution of financial conditions into consideration. When financial conditions ease, as has been the case recently, this can provide additional impetus for the decision to continue to remove monetary policy accommodation.feedback

Jun 19 2017

Inflation is a little lower than what we would like, but we think that if the labor market continues to tighten, wages will gradually pick up, and with that inflation will gradually get back to 2 percent.feedback

May 11 2017 - Protectionism

Protectionism can have a siren-like appeal. Viewed narrowly, it may be potentially rewarding to particular segments of the economy in the short term. Viewed more broadly, it would almost certainly be destructive to the economy overall in the long term. There are many approaches to dealing with the costs of globalization, but protectionism is a dead end. Trying to achieve a high standard of living by following a policy of economic isolationism will fail.feedback

May 11 2017

While the gains from a liberalized trade regime are not guaranteed, the alternative of trying to achieve a high standard of living by following a policy of economic isolationism will fail. Trade has played a key role in nearly all of the high-growth success stories since the middle of the last century.feedback

May 11 2017

Countries need to compete better, not compete less. Trade barriers are a very expensive way to preserve jobs in less competitive or declining industries. Although the debate about globalization is not new, I believe we are at a particularly important juncture. If support for liberalized trade and an integrated global economy were to suffer a significant setback, the consequence could be slower economic growth and lower living standards around the world. Consumers can benefit from lower prices, higher real incomes, and greater variety and quality of goods and services.feedback

Apr 07 2017

While we do not yet have evidence of how these reforms will hold up during the next economic downturn, many have been in place long enough that we can begin to evaluate their efficacy.feedback

Apr 06 2017 - Wall Street

The securities industry is still a pretty important source of very highly paid, very highly skilled jobs, but it's not really contributing to growth in the number of jobs. New York's economy has become more diversified. Wall Street is still an important contributor to the economy, but I wouldn't expect a lot of growth in employment.feedback

Apr 06 2017

New York is a potential place where people could ultimately move jobs, and the city could absorb them relatively easily.feedback

Apr 06 2017

The financial services industry is in a pretty good place right now. It's not quite rock 'n' roll like we had in 2005 and 2006, but I don't think we want to go back to that period. I would take a more boring financial industry if it helped create a more stable U.S. economy.feedback

Apr 03 2017

Continued increases in college costs and debt burdens could inhibit higher education's ability to serve as an important engine of upward income mobility, (and) these developments are important and deserve increased attention.feedback

Mar 31 2017

If we start to normalize the balance sheet, that's a substitute for short-term rate hikes because it would also work in the direction of tightening financial conditions. If and when we decide to begin to normalize the balance sheet we might actually decide at the same time to take a little pause in terms of raising short-term interest rates.feedback

Mar 31 2017

It wouldn't surprise me if sometime later this year or sometime in 2018, should the economy perform in line with our expectations, that we will gradually start to let securities mature rather than reinvest them. If we do something on the balance sheet, it's going to be something that's very passive. It's just going to be running in the background.feedback

Mar 24 2017

We may have an inflation problem – if you push employment much lower.feedback

Mar 21 2017

Incentives shape behavior, and behavior drives culture.feedback

Mar 07 2017

Animal spirits had been unleashed.feedback

Feb 28 2017

The case for monetary policy tightening has become a lot more compelling.feedback

Jan 17 2017

I'm not of the view that import prices would go up 10 percent, the dollar would appreciate by exactly 10 percent, so that the value that retailers pay for imported goods be exactly the same in dollar terms.feedback

Jan 17 2017

I think that it will lead to a lot of changes in the value of the dollar, the price of imported goods in the U.S., and I'm not sure that would all happen very smoothly. I also think there could be a lot of unintended consequences.feedback

Jan 17 2017

As time passes, people will forget the financial crisis.feedback

Jan 17 2017

People haven't actually tapped that housing wealth.feedback

Dec 05 2016

Assuming the economy stays on this trajectory, I would favor making monetary policy somewhat less accommodative over time by gradually pushing up the level of short-term interest rates.feedback

Dec 03 2016

Still, there is more to do before we can say that we have ended 'too big to fail.' This is work that we absolutely must complete.feedback

Nov 18 2016 - Dodd-Frank Act

I think it would be a big mistake to go back to the pre-financial crisis set of regulations that we had in place. That said, is Dodd-Frank perfect? I would be very hesitant to say that. So if there are aspects of Dodd-Frank that could be improved, it would be completely reasonable for Congress to take that on, and it's obviously up to them.feedback

Nov 18 2016

The crisis occurred in part because there were some real problems in terms of the financial system. Banks didn't have sufficient capital, they didn't have enough quality capital, they didn't have sufficient liquidity buffers.feedback

Nov 17 2016

International developments clearly affect international outcomes and financial stability within each of our borders. These international linkages have become more important over time.feedback

Oct 24 2016

It is challenging for the official sector, market participants, and members of the public to effectively analyze these markets, understand the sources and risks of flash events, and evaluate how liquidity is changing.feedback

Oct 20 2016

If the incentives are wrong and accountability is weak, we will get bad behavior and cultures.feedback

Oct 20 2016

That's quite different than saying there is this urgency to tighten policy aggressively.feedback

Oct 20 2016

I don't see that urgency.feedback

Oct 14 2016

I think if the economy continues to evolve along the path we expect, I'd expect we'll be raising interest rates relatively soon.feedback

Oct 12 2016

Inflation is a little below our target, rather than above our target, so I think we can be quite gentle as we go in terms of gradually removing monetary policy accommodation.feedback

Oct 03 2016

A risk management approach to monetary policy would suggest that the more concerned one is with the effectiveness of these policies at the zero lower bound, the more cautious one would be in the process of removing accommodation.feedback

Aug 19 2016

The tide has begun to turn. For the first time in quite a while, we are seeing gains in middle-wage jobs actually outnumber gains in higher- and lower-wage jobs nationwide.feedback

Aug 19 2016 - Wall Street

In the past, the city has counted on job growth from Wall Street to fuel economic growth during recoveries and expansions. This time around, however, job gains in the securities industry have been quite meager. Is picking up much of the slack created by the softness of the securities industry.feedback

Aug 18 2016

My views haven't changed since Tuesday.feedback

Aug 18 2016

The tide has begun to turn.feedback

Aug 18 2016

The labor market continues to tighten.feedback

Aug 09 2016

Thus, when I reiterate that U.S. monetary policy is data dependent, that includes not just the information gleaned from important economic releases such as payroll employment and retail sales, but also how financial market conditions react to economic and financial market developments in the global economy.feedback

Aug 01 2016

The housing bust created a large housing supply overhang and a large number of households that were underwater on their mortgages. Households needed to repair their balance sheets and bring down their debt service burdens to more manageable levels.feedback

Aug 01 2016

If the upcoming information validates my view of the outlook, then U.S. monetary policy will need to move at a faster pace than implied by futures prices to a more neutral posture as the labor market tightens further and U.S. inflation rises". The market didn't appear to be giving much weight to the possibility that the economy could grow faster than expected.feedback

Aug 01 2016

All three of these reasons - evidence that U.S. monetary policy is currently only moderately accommodative, the fact that U.S. financial conditions have been influenced by economic and financial market developments abroad, and risk management considerations - argue, at the moment, for caution in raising U.S. short-term interest rates.feedback

Jul 26 2016

Seeing "evidence of deep-seated cultural and ethical failures at many large financial institutions.feedback

Jul 05 2016

With uncertainties about the outlook and inflation being lower than desired, it allows us to be a little more patient. The so-called Brexit vote is among the "clouds on the horizon" for the U.S. economy.feedback

May 19 2016

Clearly looking back a few days ago I think there's a pretty strong sense among FOMC membership that the market was not putting a sufficient probability (on the) June or July meeting.feedback

May 19 2016

If I am convinced that my own forecast is sort of on track, then I think a tightening in the summer, the June-July time frame is a reasonable expectation.feedback

May 19 2016

June is definitely a live meeting depending on how the data evolves.feedback

Apr 08 2016

We're conducting policy on the basis of imperfect information but that's the information that we have at the time. So it's like you're driving on the road in a storm. You're looking out the windshield, you don't have a perfect view but you have a view and that's the basis for the decisions you make at the time.feedback

Mar 01 2016

Obviously, this is difficult to manage because it's a big, complex economy so I would not be surprised if there were a few bumps...but I think that I'm quite optimistic that this transition can be managed.feedback

Feb 12 2016

If things were to turn in a surprising direction and the outlook in the U.S. were to deteriorate sharply, I think there are a lot of things that we would do long before we would really think about moving to negative interest rates. So to me, that's not really something that should be part of the conversation right now.feedback

Feb 12 2016

The household sector looks much better positioned today than in 2008 to absorb shocks and continue to contribute to the economic expansion.feedback

Feb 12 2016

Given that the labor market still appears to have some excess slack and inflation is below the Federal Reserve's objective, monetary policy is appropriately still quite accommodative despite the advancing age of the expansion.feedback

Feb 12 2016

But its sheer age does not mean that the risk of recession is "edging higher,". Since the possibility is low that a significant inflation risk would emerge over the near term, this means that the main danger facing the current expansion is the risk of large, adverse shocks.feedback

Feb 03 2016

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.feedback

Jun 05 2015

It's a touch softer, maybe, than what people were expecting, but I wouldn't put a lot of weight on it in terms of how it would affect my economic outlook.feedback

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