Fed's Dudley: US Recovery Likely To Be `Muted'

Federal Reserve Bank of New York President William Dudley reiterated Wednesday that the U.S. economic recovery will likely be tepid.

In opening comments at a briefing on regional economic activity at the central bank, Dudley said that while there has been some encouraging economic news--such Wednesday's 1.6% increase in March retail sales--"it still seems likely the economic recovery will be more muted."

Dudley didn't comment specifically on the Fed's monetary policy strategy. He noted that the Fed's actions in the last couple of "truly extraordinary" years appear to have worked to help the weak economy.

Dudley said that with households and small and medium-sized banks still under stress, "the recovery is not likely to be as strong as we would like."

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- Posted: 2010-04-14 11:15:14

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