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The U.S. Monetary Policy Outlook and its Global Implications
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The U.S. Monetary Policy Outlook and its Global Implications

Remarks at the Bloomberg Americas Monetary Summit, New York City, April 20, 2015

William C. Dudley
Federal Reserve Bank of New York, 2015
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8

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Recommendation

America’s economy has been steadily emerging from the rubble of the Great Recession, but ongoing low rates of growth, employment and inflation signify there’s more work to do. Federal Reserve Bank of New York president William C. Dudley outlines his views on the job ahead for the US central bank as it approaches “normalization” in monetary policy in 2015. getAbstract believes that his tempered but upbeat assessment of the US economic outlook, as well as his thoughts on the global impacts of changing Fed monetary policy, are required reading for investors, executives and Fed watchers.

Summary

Economic recovery in the United States continues, albeit at a slow pace, with unemployment still high, inflation still low and growth – at an annualized 2.3% since 2009 – still sluggish. Yet the outlook for 2015 and beyond is positive, given that households have substantially paid down their debt, the housing market has improved and the unemployment rate is headed for 5% by year-end 2015. After a lull in consumer spending in the first quarter of 2015 – due mostly to a severe winter in the Eastern US and seaport disruptions in the West – households should be ready to spend again. Consumer borrowing is up 6% since 2013...

About the Author

William C. Dudley is president and CEO of the Federal Reserve Bank of New York.

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