Federal Reserve Bank of New York president William Dudley said Tuesday that gross domestic product expanded more slowly in the third quarter and economic sluggishness will continue.

“In recent months, the momentum of the recovery has slowed,” Dudley said.

He described the employment situation as “wholly unsatisfactory.”

“It will likely be several years before employment and inflation return to levels consistent with the Federal Reserve’s dual mandate”  of promoting price stability and full employment, he said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.