- Not at the stage where there is a great urge to tighten policy
- The US economy is not overheating
- The neutral funds rate in 2 to 3% range. (the current rates is 0.75%-1.00% target range)
- Sees discouraged workers returning to labor force
- Rising sentiment is not showing up yet in the US data
- In Q1 US GDP may be a bit weaker
- fiscal policy has added to the US economies upside risk
- He did not adjust his forecast explicitly for fiscal policy
- An increase in infrastructure spending can boast US productivity
- Normalizing balance sheet is a substitute for rate hikes
- Could see a roll off of balance sheet by the end of 2017
- no big need to differentiate on MBS and Treasury
- System for controlling the Fed funds rate works well
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Friday, March 31, 2017
Fed's Dudley: A couple more rate hikes seems reasonable
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