New York Federal Reserve Bank president William Dudley made clear Monday that, as far as he is concerned, any tightening of monetary policy remains far off.

Dudley, the vice chairman of the Fed’s policymaking Federal Open Market Committee, and whose bank implements policy, said there should be no doubt about the Fed’s willingness to eventually tighten in “a timely manner.” He also vowed that the Fed will “not lose control of monetary policy.”

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