Federal Reserve Bank of New York President William Dudley said Wednesday that the interest rate hike in September seems less compelling.
"From my perspective, at this moment, the decision to begin the normalization process at the September FOMC meeting seems less compelling to me than it was a few weeks ago. But normalization could become more compelling by the time of the meeting as we get additional information on how the U.S. economy is performing and more information on international and financial market developments, all of which are important in shaping the U.S. economic outlook," he noted.
Dudley pointed out that the interest rate hike remains data depended, and the developments abroad could affect the economic outlook.
He also said that low oil prices weigh on the inflation.
Dudley is a voting member of the Federal Open Market Committee (FOMC) this year.