WASHINGTON (MarketWatch) - The "pay-back" to the economy from the mild
winter is over but it is still unclear whether the economy will regain
momentum, said William Dudley, the president of the New York Federal
Reserve Bank, on Friday. "There are important issues - such as the
outlook in Europe and the degree to which we have lost underlying
momentum at home - where more information is needed before making an
informed judgment," Dudley said in a speech to the annual convention of
the Puerto Rico Chamber of Commerce in San Juan. Speaking by
videoconference, Dudley said he will be watching closely whether
domestic momentum and hiring picks up and whether financial conditions
ease or tighten further. Dudley said he expects inflation to remain
moderate. He said that credit conditions are gradually easing. There are
"solid grounds" to expect growth will strengthen if Congress can avoid
the fiscal cliff and European leaders can manage their challenges, he
said.
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