Comments from New York Fed President Dudley
- Technology and globalization are exacerbating wage inequality
- Sluggish productivity dampening wages despite job gains
- Inequality reinforces barriers to economic mobility
- Expects further labor market strengthening and moderate economic growth
- US should better address inequality, but Fed policy is a poor tool for it
There isn't much there to hang a trade on. Overall, he maintained his light hawkish bias and avoided some of the lamenting over wage growth that I thought would look dovish. Still, the dollar ticked a tiny bit lower on the headlines with USD/JPY hitting a session low.
