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Released On 9/23/2013 9:30:00 AM For 9/23/2013 9:30:00 AM

New York Federal Reserve Bank President William Dudley (FOMC Voting Member) speech in New York.

"Reflections on the Economic Outlook and the Implications for Monetary Policy"

New York Fed President William Dudley added to the view that it may not be the October FOMC meeting when the Fed begins to taper its asset purchases. He stated that GDP growth needs to be stronger to boost jobs before taper should begin. Dudley indicated that he currently is opposed to tapering as the economy needs very accommodative monetary policy. The New York Fed thinks that even 2 percent GDP growth might not be enough to improve the job market sufficiently. Dudley said that tapering would result in higher mortgage rates and cut into the housing recovery. He noted that consumer spending is not that strong and that fiscal drag may weigh on the economy.

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