Hope data support rate lift-off this year – Fed’s Dudley

FXStreet (Mumbai) - New York Fed President William Dudley in a speech at Bloomberg on Monday said data will "hopefully" support a rate hike later this year, while stating that "the timing of normalization remains uncertain because how the economy evolves is also uncertain.”

The policy maker repeated that the pace of tightening will depend on how the financial markets react. "We have to see what unfolds," New York Fed President William Dudley said in a speech. He further added that a rate hike could create "significant challenges" for emerging market economies, but that many of them are better prepared for it now than a couple of years ago.