Skip to main content

NY Fed Chief Back Pedals on Rate Hike Forecast

Oct 09, 2015

The possibility that the Federal Reserve might be forced to delay its long anticipating interest rates hike was planted by a somewhat unlikely source: the vice chairman of the central bank’s Federal Open Market Committee, who was predicting a hike two weeks ago.

In an interview today with CNBC, New York Fed President William C. Dudley cited the concerns of a slowing global economy and its impact on the U.S. economy has potentially creating a new delay in the long-anticipated Fed rate hike.

“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,” said Dudley. “If we get that, I'll be reasonably confident inflation returning to two percent."

Dudley’s comments appear to signal a route shift: on September 28, he predicted the Fed would “probably” raise rates this year. But in his new interview, he appeared to back pedal on his earlier assertion.

“Based on my forecast, yes I am [expecting a rate hike],” he said. “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.”

 

About the author
Published
Oct 09, 2015
MBA Urges Shift To Single Credit Report Model, Citing Cost Savings And Efficiency

MBA says tri-merge credit checks cost lenders up to $100 per loan, doubling since pre-COVID, as industry pushes for a cheaper, single-report model

Jun 16, 2025
Fairway Acquires Hallmark Home Mortgage Through Asset Purchase

Hallmark to become new Fairway division, gets access to Fairway's Fairway's product portfolio, tech, and support resources

Jun 13, 2025
Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

Housing Market Outlook: Brighter Days To Come

NAR Chief Economist Yun calls lower mortgage rates ‘magic bullet’ to boost home sales

Jun 11, 2025
Redfin Shareholders Say Yes To Acquisition By Rocket

Nearly 99% of Redfin shareholders vote to approve merger, though fewer vote yes to compensation for company’s execs

Jun 10, 2025
Play Ball: Ishbias Could Add Another Team To Their Roster

Justin Ishbia in agreement to potentially take over as owner of Chicago White Sox — but not for several years yet

Jun 09, 2025