NY Fed's Dudley less hawkish than usual
|NY Fed's Dudley was hitting the wires and he said that the US economy is to grow at slightly above-trend pace, although he was certainly less dovish than previous.
He said:
- Balance sheet normalization end envisioned the early 2020s
- Harvey effects won't fundamentally change econ trajectory
- Does not repeat expectation for a rate hike this year
- Assumes bond runoff begins this year, to exert only 'modest' tightening over time
- Asset valuations not particularly troublesome
- Softer dollar, global growth to ease trade-sector drag
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