WASHINGTON — There remains "considerable uncertainty" about the U.S. economic outlook, especially in the face of large fiscal drag, so it will be important not to declare victory prematurely, New York Federal Reserve Bank President William Dudley said Tuesday.

While the sluggish growth rate masks positive signs in the economy, those factors are being offset by significant fiscal drag, Dudley said in a speech prepared for delivery to the Staten Island Chamber of Commerce in New York.

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