Dudley says Federal Reserve could do more to be a ‘better global steward'

William Dudley
William Dudley

The Federal Reserve has a "special responsibility" to promote global financial stability when setting monetary policy, New York Fed president William Dudley said today during a speech at the Central Bank of the United Arab Emirates.

Dudley, a permanent member on the Federal Open Market Committee (FOMC), attributed the responsibility to the dollar's reserve currency status.

The remark – one of the most contentious by an FOMC member on the issue of US monetary policy spillover to date – is likely

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