NEW YORK — A top Federal Reserve official says he's worried about the weakness of the economic recovery but doesn't think it will slip into another recession.
William Dudley, president of the Federal Reserve Bank of New York, says in an interview with The Associated Press: "I think we do have a sustainable economic recovery."
But he adds: "I'm less confident how strong that recovery will be." The odds that the economy will fall back into recession "are low, but not zero," he says.
To energize the recovery, the Fed has pledged to hold interest rates at record lows for an "extended period."
Dudley says that with unemployment high and factories operating well below capacity, the Fed can be "quite patient" before reversing course and raising rates.
Copyright 2010 The Associated Press.
William Dudley, president of the Federal Reserve Bank of New York, says in an interview with The Associated Press: "I think we do have a sustainable economic recovery."
But he adds: "I'm less confident how strong that recovery will be." The odds that the economy will fall back into recession "are low, but not zero," he says.
To energize the recovery, the Fed has pledged to hold interest rates at record lows for an "extended period."
Dudley says that with unemployment high and factories operating well below capacity, the Fed can be "quite patient" before reversing course and raising rates.
Copyright 2010 The Associated Press.
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