LYNDHURST, N.J. — Federal Reserve Bank of New York president William Dudley Friday said the central bank’s “extraordinary” measures aimed at boosting the U.S. labor market recovery may not fully deliver the desired results.
“We are doing pretty extraordinary things” Dudley said, answering questions following an address to an economic summit hosted by the Meadowlands Regional Chamber.
“We do think that it can lead to labor market recovery,” he said, while adding that he “can’t promise that our policies can achieve” all goals.
Dudley, who serves on the policymaking Federal Open Market Committee and so enjoys a permanent vote on the panel, said, “The unemployment rate today is clearly much higher than we want it to be. We are going to keep at it.”
Asked what policies the Federal Reserve can implement to juice employment before the November 2012 elections, Dudley said, “What we do between now and then will depend on how economic conditions evolve.”
Conditions currently are slowly improving, from “at worst, mixed” economic data to a “gradually loosening” credit environment, he said.
