Update: Dudley just admitted what everyone has long suspected - it is Dow Data Dependent: "How we react after liftoff will depend on how the market reacts."
- *DUDLEY: FED RATE PATH WILL BE SHAPED PARTLY BY MKT REACTION
William Dudley speaks.. and the market front-runs.. as he indicates that weakness in March is due to the weather (hawkish) but that "the timing of the Fed's first rate hike is later" (dovish)... data dependent... blah blah blah...
- *DUDLEY SAYS WOULDN'T TAKE HUGE SIGNAL FROM MARCH PAYROLLS DATA
- *DUDLEY SAYS DROP IN ENERGY PRICES A GOOD THING ON BALANCE
- *DUDLEY SAYS RECENT DATA HAS SURPRISED TO THE DOWNSIDE
- *DUDLEY EXPECTS BUSINESS INVESTMENT TO ACCELERATE
- *DUDLEY: CAN IMAGINE SCENARIOS IN WHICH JUNE LIFTOFF IS IN PLAY
- *DUDLEY SAYS RATE RISE DEPENDS ON DATA
- *DUDLEY SEES REASONS TO ERR ON SIDE OF BEING LATE ON RATES
Live Feed: (click image for live feed via Reuters)
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The "market" is hanging on every word...