Comments from NY Fed president Dudley:

  • Says weather likely played a role in weak recent jobs growth
  • Recover in housing has been very slow
  • Expects business spending to begin to accelerate
  • Consumer spending, business investment are weak areas
  • Drop in energy prices a good thing on balance
  • Recent data has surprised to the downside
  • June rate hike still in play depending on inflation and the labor market outlook

The FOMC minutes are the highlight of the day but comments like this from a core Fed member like Dudley are more indicative of where the Fed stands today.