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 Baer 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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Who hasn’t been transported back to childhood by the sweet aroma of baking cookies, or to a favorite forest by the earthy smell of leaf litter, or to a summer beach by the tang of salt air?Harvard Professor David Edwards and a former student, Rachel Field, want to harness the evocative power of smell, not just to bring us back, but to bring us closer.Field and Edwards, the Gordon McKay Professor of the Practice of Idea Translation at the Harvard School of Engineering and Applied Sciences and core faculty member of the Wyss Institute for Biologically-Inspired Engineering, today demonstrated a smell-based device called an oPhone, which aims to add another sense to digital communications.The pair bridged the Atlantic Ocean during a New York news conference this morning when Edwards sent a sniff of a New York breakfast — fresh bread, orange juice, and strawberries — to Paris, where colleagues returned the favor, sending the fragrance of champagne and macaroons wafting back.“One of the very important ways in which we engage the world … is through the sense of smell. It is essential to some experiences — eating — and also interacting with friends and enemies and nature. Coffee, wine, chocolate are fundamentally aromatic experiences,” Edwards said. “The ability to bring scents to electronic communications enlarges the richness of communications online.”The oPhone stems from a class project by Field, an engineering student who graduated from Harvard College in 2012. She took Edwards’ course “How to Create Things and Have them Matter,” which pushes students to take inventions from idea to product, assisted by funding from the Wyss Institute. Unlike many courses that prompt students to invent products, this one also provides support after the class is over, encouraging students to develop their fledgling devices.Field, Edwards, and other collaborators have continued to work on the oPhone, founding the startup company Vapor Communications last fall. A crowd-funding campaign started this month, with plans for the device to go into production early next year.Edwards said initial marketing interest has been expressed by officials in the coffee and wine industries, and in others where scent is a key part of a product’s appeal. Field said interest may reach more broadly into the public as well.Field, speaking after the New York news conference while en route to Paris for additional launch events later this week, said the demonstration was a huge relief after months of hard work and sleepless nights.“Today was pretty fantastic,” Field said. “We’ve been working on this for over two years. It’s exciting for it to become a reality.”The oPhone system consists of several parts. It begins with the oSnap app for iPhones (an android version is in development) that allows a user to create an oNote, consisting of a photograph and a smell created out of a palette of 32 scents available in the app that can be combined in 300,000 possible combinations.The sender then forwards the oNote to an oPhone — the hardware portion of the enterprise — which re-creates the aroma from the oSnap app. The key component of the oPhone is the oChip, which creates the actual smell.The oPhone looks a bit like a desk telephone, only instead of a handset, it has two small hollow towers — from which the newly created scents emerge — extending from the top.For now, oPhones are limited to “hot spots” in Paris and New York where people can experience aromatic messages.One encouraging sign, Field said, was that even though the oSnap app has been available for only a day, people around the world have already downloaded the app to their phones.“It’s great to see people playing around with it,” she said.