Fed’s Dudley warns of looming commercial property woe

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William Dudley, the president of the New York Federal Reserve, has cautioned that problems in the commercial property industry threaten the nascent economic recovery in the US.

Speaking in New York on Monday, Dudley warned that the commercial property industry, along with small businesses, was in dire need of banks' funds. These funds, he noted, were "not easily forthcoming."

"More pain likely lies ahead for the industry and for those banks with heavy commercial real estate exposures," he said.

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