William Dudley, president & chief executive officer of the Federal Reserve Bank of New York

Speaking in Bali (nice!) at a joint seminar run by the Indonesian and US central banks, subject matter is 'Managing Stability and Growth under economic and monetary divergence

  • Says Fed bank should be cautious in raising interest rates, flatter tightening path appropriate
  • Says premature to rule out US rate hike before end of 2016
  • Expects Fed to hike more than once before end of 2017
  • Says medium-term risks to US economic growth skewed to downside
  • Fed must be a bit more careful about tightening early vs late
  • Risks remain 'asymmetric' because interest rates still close to zero
  • Expects less aggressive tightening in part due to global monetary easing, rising US dollar
  • Brexit aftershocks pose medium-term downside risks to global economy
  • Says US election uncertainty could further soften US business investment
  • Increasingly clear that some post-crisis headwinds likely persistent
  • Expects 2% US GDP growth over next 18 months after 'sluggish' Q2
  • Confident US inflation to return to central bank's 2% goal over medium term

Headlines via Reuters

The thing about Dudley is as head of the NY Fed he is a permanent voter on the FOMC. He is also very closely aligned in view the Chair Yellen. His views are reasonably read as Yellen's views. i.e. Dud the Dove & Yellen the Dove.