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Fed's Dudley hopeful of interest rate hike this year despite weak data
Fed's Dudley hopeful of interest rate hike this year despite weak data

A top Federal Reserve policymaker said Monday that he was hopeful the central bank will raise its benchmark short-term interest rate this year despite recent weak economic data. William C. Dudley, president of the Federal Reserve Bank of New York, said he expected a slowdown in growth in the first quarter of this year "will prove to be largely temporary" and a bounceback would set the stage for the first rate hike since 2006. "The winter weather was quite severe in the eastern two-thirds of the United States and bottlenecks at the West Coast ports disrupted both sales and production," Dudley said in a speech at the Bloomberg Americas Monetary Summit in New York...

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