Reuters (11/13/14) Martin Dokoupil; Stanley Carvalho
William Dudley, president of the Federal Reserve Bank of New York, says that it is reasonable to expect that interest rates will begin to rise in mid-2015, noting that recent U.S. nonfarm payrolls were consistent with previous releases. “What I can tell you is that we are making progress toward our objectives but there is considerable further progress still to go,” he says. “I think the market expectations that expect us to lift off sometime around the middle or somewhat later next year are reasonable expectations.”
However, the actual timing of the rate hike depends on the evolution of the U.S. economy and the reaction of the financial markets. “It really depends on how the economy evolves and how we progress toward our objectives of maximum sustainable employment in the context of price stability.”
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