Dudley Says Fed Members ‘Owe’ Action to Jobless

Federal Reserve Bank of New York President William Dudley said the central bank needs to take action to bring down the unemployment rate even though expanding its balance sheet isn’t a “perfect” tool.

“To the extent that we can do things to improve the economic environment, we certainly owe it to the millions of people who are unemployed to do so,” Dudley said today in response to audience questions after a speech in Ithaca, New York. Policy makers haven’t yet decided whether to buy additional assets to spur economic growth, he said.