New York Federal Reserve Bank President William Dudley Monday said monetary policy is having an increasingly clear effect on the real economy, and that there's a chance that growth next year will be stronger than some economists think, but warned it's too early to conclude the U.S. economy has moved to a sustainably stronger path.

"It's too soon to take too much cheer from recent economic news," Dudley said in a question and answer session after a speech to the Economic Club of New York.

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