Reuters (11/18/13) Jonathan Spicer
William Dudley, president of the Federal Reserve Bank of New York and a staunch supporter of easy-money policies, expects economic growth to increase next year and especially in 2015, citing labor market improvements in October and better-than-expected growth in the gross domestic product in the third quarter. Even so, he says low inflation and high unemployment mean monetary policy will be “very accommodative for a considerable period of time.”
“Not only do we have some better data in hand, but also the fiscal drag, which has been holding the economy back, is likely to abate considerably over the next few years at the same time that the fundamental underpinnings of the economy are improving,” says Dudley. “We can definitely in my mind have a significantly tighter labor market and bring a lot of the unemployed and discouraged workers back to the workforce without having an inflation problem.”
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