Fed’s Dudley says case for interest-rate hike has become ‘a lot more compelling’
Tuesday, February 28, 2017 at 07:57PM
Gold Prices

The case for an interest-rate hike has become “a lot more compelling,” a crucial Federal Reserve official said in a statement that moved markets.

In an interview with CNN International, New York Fed President William Dudley on Tuesday said that “animal spirits have been unleashed a bit” in the wake of the presidential election, pointing to the rise in the stock market.

“It seems to me that most of the data we’ve seen over the last couple months is very much consistent with the economy continuing to grow at an above-trend pace, job gains remain pretty sturdy, inflation has actually drifted up a little bit as energy prices have increased,” Dudley said.

“So we’re very much on the trajectory that we said — that we thought we’d be on and we said if we were on that trajectory, we’re going to gradually remove accommodation,” he added.

In the wake of the election, there have been big gains in confidence, buoyant financial markets and an expectation of stimulative fiscal policy.

“So, put it all together, I think the case for monetary policy tightening has become a lot more compelling,” he said.

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