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MNI INTERVIEW: Fed Sept SEP Must Reflect Rate Hike Pain-Dudley

(MNI) WASHINGTON
JACKSON HOLE, Wyoming

Dudley says Fed Chair Powell's hawkish Jackson Hole remarks were a good start to a more realistic economic view.

The Federal Reserve’s next round of economic projections in September are likely to show more persistent inflation and higher unemployment to reflect the greater pain that will result from the central bank’s aggressive monetary tightening campaign, former NY Fed President William Dudley told MNI.

“This is a different message about how we have to be restrictive and we’re going to need to be restrictive for some time and there’s going to be some pain and the unemployment rate is going to have to go up,” Dudley said. “The interesting thing is will you be able to see this in the Summary of Economic Projections for September because the June projections were still quite optimistic.”

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The Federal Reserve’s next round of economic projections in September are likely to show more persistent inflation and higher unemployment to reflect the greater pain that will result from the central bank’s aggressive monetary tightening campaign, former NY Fed President William Dudley told MNI.

“This is a different message about how we have to be restrictive and we’re going to need to be restrictive for some time and there’s going to be some pain and the unemployment rate is going to have to go up,” Dudley said. “The interesting thing is will you be able to see this in the Summary of Economic Projections for September because the June projections were still quite optimistic.”

Keep reading...Show less