William Dudley, Federal Reserve Bank of New York told on Tuesday that he actually expects the US major financial institution to remain data-dependent on the timing of the next interest rate lift following ongoing uncertainties regarding the global economy affected by the recent Brexit vote.
Addressing an economic roundtable of local business sharks in Binghamton, Dudley stressed that ambiguities with the national economy at-large as well as low inflation could enable the US major bank to remain quite patient with its tempo of further monetary policy accommodation.
The previous month, the Federal Open Market Committee unanimously voted to leave the target range of the benchmark Federal Funds Rate intact at a range 0,25%-0.50%. Apart from that, the FOMC dared to lower the long-term interest outlook through the end of 2018. However, Dudley stood away from elaborating on whether he thinks it’s going to be appropriate to increase interest rates when the FOMC has another meeting on July 26-27.