"The timing of normalization will be data
dependent and remains uncertain because the future evolution of
the economy cannot be fully anticipated," New York Fed President
William Dudley said in prepared remarks, adding he expects the
path of rate hikes to be "relatively shallow."
He said the weak March jobs report, as well as softer than
expected manufacturing and retail sales data in recent months
was a surprise. But this likely reflected "temporary factors to
a significant degree," including the harsh winter in much of the
United States.
"It will be important to monitor developments to determine
whether the softness in the March labor market report evident on
Friday foreshadows a more substantial slowing in the labor
market than I currently anticipate," said Dudley, a permanent
voter on Fed policy and a close ally of Fed Chair Janet Yellen.
(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)
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