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Oct. 12, 2016, 11:24 a.m. EDT

Fed’s Dudley says interest-rate hikes will be ‘gentle’

New York Fed president believes U.S. economy has plenty of room to run

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By Greg Robb, MarketWatch


Bloomberg Enlarge Image
Stanley Fischer, Fed vice chairman, left, and Janet Yellen, Fed chairwoman, center, with William Dudley, president of the New York Fed at the U.S. central bank’s summer retreat in Jackson Hole, Wyoming.

The U.S. economy is on track to expand at a moderate pace that could last for the next five to 10 years, said New York Fed President William Dudley on Wednesday.

“I think we’re at a point where the economic expansion plenty of room to run,” Dudley said during a conversation at the Business Council of New York State, according to CNBC.

“The best thing that could happen for the U.S. economy [is] to grow at a moderate rate for the next five to 10 years and the unemployment rate to stay around 5% or lower,” and the Fed is aiming for this outcome, the New York Fed President said.

The Fed can help foster the long-lasting growth with “gentle” interest rate hikes, Dudley said, according to Reuters.

Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.

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