• FOMC Oct statement shows policy to be data dependent

Speaking in Abu Dhabi

  • surveys show that inflation expectations are well anchored
  • expects inflation to move up to towards Fed 2% target
  • expects Fed to raise rates sometime in 2015
  • sees benefit of letting economy run “slightly hot”
  • tightening too early is a bigger risk than tightening too late

Dudley still in no rush for rate hike

USD suitably unfazed by the repeated rhetoric

Dudley - still in no rush

Dudley – still in no rush