By Greg Robb, MarketWatch
Bloomberg Enlarge Image
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.