Speaks in a moderated discussion organized by the University of California Berkeley

The topic of the discussion is "The US Economy: 10 years after the crisis"

He adds:

  • Fed chair transition has been "so far, so good"
  • He is not worried at all about the Fed chair transition
  • Globalization has costs/benefits for world economy
  • Putting up trade barriers will not make US better off.
  • US needs to temper sharp edge of capitalism with workforce development and retraining
  • Sees need for their global central bank communications
  • He would not like to repeal Dodd-Frank; he sees more good than bad
  • Capital, liquidity rules need to be permanently higher
  • Fed thinks US economy is "pretty much" at full employment
  • Not concerned that inflation is a little below Fed target
  • Expects inflation to rebound and economy to continue at above trend pace
  • Job market tightening more and a bit more wage growth
  • Keeping economy at full steam to help inequality
  • Fed should be looking at cryto FX vs cash.
  • Confidence in USD to stay high if Fed does its job well
  • A good medium of exchange has a stable store of value

Dudley's comments are more hawkish than those of Kashkari which is not much of a surprise.

Dudley - the NY Fed president - announced that he will be resigning from the Fed in mid-2018. The NY Fed President is a permanent voting member on the FOMC.