Fed's Dudley: Wages and inflation should pickup, pleased with economy
Dudley strikes a similar tone to Yellen
- Unemployment and inflation levels "pretty good place to be"
- "Very confident" that there is "quite a long ways to go" in the upcoming expansion
- US growth not well distributed across economy
- Confidence levels are "very, very high"
- US economy is pretty close to full employment
Dudley's comments strike a similar tone to Yellen, if not more optimistic. On Friday, the comments from Kaplan showed some worry about low inflation but Dudley basically dismisses them.
He's on a business roundtable in Plattsburgh, NY, so more comments may trickle out.
- Wage growth pretty consistent with productivity growth
- Not concerned that that automation will take everyone's job
- Wage growth to quicken a bit more as jobs market tightens
- Flatter yield curve not a negative signal for the economy
Dudley is a ray of sunshine on a Monday morning.
- Doesn't want to slam on brakes, cause a recession
- So far things are going reasonably well