NY Fed President Dudley Reverses Interest Rate Hike Forecast

first_img in Daily Dose, Featured, Government, Market Studies, News Tagged with: Federal Reserve Bank of New York Interest Rate William Dudley Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save October 12, 2015 1,176 Views Previous: KBW lifts MGIC to Outperform, Delinquent Loan Inventory Drops 56 Percent in 3 Years Next: Survival in the SFR Market Requires Unorthodox Acquisition Strategies The Best Markets For Residential Property Investors 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Related Articles  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago NY Fed President Dudley Reverses Interest Rate Hike Forecast Federal Reserve Bank of New York Interest Rate William Dudley 2015-10-12 Kendall Baercenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Xhevrije West Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / NY Fed President Dudley Reverses Interest Rate Hike Forecast Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The uncertainty surrounding the highly anticipated interest rate hike has kept the industry on its toes about just when the Federal Open Market Committee (FOMC) will raise rates, but New York Fed President William Dudley has recently reversed his initial forecast for the increase, presenting even more skepticism.Dudley, who is also a voting member of the Fed and vice chairman of the FOMC, noted in a recent interview with CNBC that his original forecast for the hike was altered by questions about a slowing global economy and its effect on the U.S. economy, which could potentially delay the rate increase further.”I think the key question is, are we going to get sufficient growth in the economy, put downward pressure on the unemployment rate, get an acceleration in wages? If we get that, I’ll be reasonably confident in inflation returning to 2 percent.”New York Fed President William DudleyIn late September, Dudley projected that the Fed may raise rates this year “if the economy continues on the same trajectory it’s on…and everything else suggests that’s likely to continue…then there is a pretty strong case for lifting off,” he said in a Wall Street Journal interview.However, contradictory to these remarks, in his recent CNBC interview Dudley seemed to back pedal on his previous statement, noting that he still predicts a rate hike this year, “but it’s a forecast and we’re going to get a lot of data between now and December, so it’s not a commitment.”The debate over whether it was time to raise rates as intensified as economic volatility in China has caused turbulence in the U.S. stock market in August. Following this, Dudley said that a rate increase in September seemed “less compelling” following turbulent stock market activity.At the September meeting, the Federal Reserve decided to keep the federal funds target rate at zero to 1/4 percent, where it has been for nine years.”In determining how long to maintain this target range, the Committee will assess progress—both realized and expected—toward its objectives of maximum employment and 2 percent inflation,” the Fed said in a statement. “This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.The FOMC minutes from the September meeting showed that the Fed’s concern mostly lingers around global economic troubles, but they still intend to raise rates before the end of 2015.”The concerns about global economic growth and turbulence in financial markets led to greater uncertainty among market participants about the likely timing of the start of the normalization of the stance of U.S. monetary policy,” the minutes said. “Based on federal funds futures, the probability of a first increase in the target range for the federal funds rate at the September meeting fell slightly.”Even though most officials indicated that economic conditions will allow the hike to happen later this year, “the committee decided that it was prudent to wait for additional information confirming that the economic outlook had not deteriorated.’’Click here to read/watch the CNBC interview.Click here to read the WSJ interview. 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Head to head

first_imgRelated posts:No related photos. Comments are closed. Head to headOn 11 Mar 2003 in Personnel Today The series where we look at similar roles in different types oforganisations This week: Clare Smith, HR director at care provider Leonard Cheshire andJanice Cook, HR director at children’s charity NCH 1. What are your main responsibilities? CS My job falls into two parts. I am responsible for everything to do withHR so that includes personnel, employment law, training and health and safetyfor nearly 8,000 employees. Then there are the general responsibilities of amain board director and includes strategic direction and support initiativesthat will have a positive effect on the lives of disabled people, such asWorkability and Jobability. JC I’m a member of the senior management group responsible for the strategicleadership. I also lead corporate policy and strategy in HR, includingpersonnel, organisational development, training and development,communications, management information and health, safety and welfare. 2. What’s the pay like? CS Recent surveys show that the voluntary sector pays directors about 20 percent less than those in the private sector and I am no exception. However,there are other compensations working in the voluntary sector and I know I ampaid fairly vis-à-vis my colleagues. JC In accordance with our salary policy for senior managers, my pay is in linewith the comparable part of the charity sector market. 3. How flexible are the hours? CS Leonard Cheshire has more than 160 operational sites, which means I amout of the office quite a lot. I have to work flexible hours as the travellingmeans very early starts and late finishes. The rest of the time I am in theoffice. JC As a senior manager with significant responsibilities, the hours aredemanding. I try to stay within the recommended 48 hours per week, but someflexibility is possible and time off in lieu is available. 4. What do you like most about the job? CS The people are great. I have a superb team, like-minded colleagues and avery supportive boss. There is also a lot of laughter so what more could Iwant? JC The corporate strategic planning and development responsibilities thatcomplement my strategic organisational development role. 5. What are the challenges? CS The biggest challenge has been the culture shock of moving frommanufacturing into the voluntary sector. My challenge now is to combine thebest of both worlds. JC As a voluntary organisation, the challenge is always the limitedresources, as our priority is always to spend most of our money directly onservices for children and young people. 6. What is your biggest headache? CS I would like to be original, but can’t. My biggest headache is providinga good HR service within a tight budget. JC Finding the time to do all the interesting and exciting things that needdoing. 7. What size is your team? CS There are eight people who report directly to me. In the personnel teamthere are 13 people, mostly part-time, giving a personnel to employee ratio of1:700. There is also a four-strong national training team as well as eightpart-time health and safety staff to cover the 160 sites. JC NCH has a devolved structure for all HR services. I have direct linemanagement responsibility for 10 posts, and functional responsibility for 90posts. 8. Who do you report to? CS I report to the director general who is also the chief executive. JC The chief executive. 9. What qualifications do you have? CS T.Cert. BA. FIPD. MBA. JC FCIPD, MSc Human Resource Management. 10. What are your career aspirations? CS Being HR director for the country’s largest charitable employer does notleave many new career opportunities. I love my job and Leonard Cheshire isstill a changing and growing organisation with many challenges. JC Chief Executive of a medium-sized voluntary organisation. 11.What training and development opportunities are there? CS Leonard Cheshire is an exceptional organisation when it comes to trainingand development. I would receive full support for most of the things I wantedto do as long as I could justify them and pay for them within my department’sbudget. JC NCH is highly committed to training and development and this is nodifferent for senior managers. I acquired my MSc with NCH funding and support,and regularly receive learning and development opportunities. 12. What is your holiday entitlement? CS Currently 26 days plus bank holidays, rising to 27 next year. JC 32 days a year, plus one extra day at Christmas plus bank holidays 13. What is your working environment like? CS Brilliant. I have an office with a nice view and best of all it’s near receptionso I can see and talk to people as they come and go (being nosy is an essentialattribute of people in personnel). JC We are on a very old site, in buildings that have been in ourorganisation for decades, with trees and grass – not bad in London. 14. What other benefits do you get? CS All the benefits most directors get but no car. JC An NCH car and a final salary pension scheme. 15. What’s the best part of working in HR? CS The infinite variety. After 25 years in personnel I thought I had seeneverything but Leonard Cheshire employees still surprise me. JC Influencing the way the organisation develops, particularly in terms ofcultural development. This is enhanced if you are working in an organisationlike NCH which has high values and high quality services. 16. How does your firm treat work-life balance? CS Leonard Cheshire offers such a wide range of working arrangements that wecan meet most people’s needs. JC NCH takes work-life balance seriously. We have had flexible workingopportunities, with support for parents and carers for many years. Abouttwo-thirds of our, mainly female, staff work part-time. 17. What’s your dream job/who do you most envy? CS Nobody. I like being me. JC Owner of a health farm. Clare Smith, HR director, Leonard Cheshire Job at a glanceSize of team: 35, mostly part-timeHolidays: 26 daysBenefits: Working for Leonard CheshireReports to: Director generalCurriculum vitae2000 Director of HR, Leonard Cheshire1991 European HR director, multinational paper manufacturer1989 Divisional personnel manager, heavy industry1986 Regional personnel manager, paper manufacturingJanice Cook, HR director, NCHJob at a glanceSize of team: 10Holidays: 32 daysBenefits: Car, pensionReports to: Chief executiveCurriculum vitae1999                NCH,director of HR1990                Head of HR at an innerLondon social services department1987                Personnel managerPre-1987         Prior to that, started atthe Bank of England and re-trained as a PA before moving into HR Previous Article Next Articlelast_img read more