Fed’s Dudley Says Recovery ‘Tenuous’ With High Unemployment

Federal Reserve Bank of New York President William Dudley said the U.S. economy’s recovery is “still tenuous” and “far from the mark” of the central bank’s goals of full employment and price stability.

“We must not be overly optimistic about the growth outlook,” Dudley said in San Juan, Puerto Rico today after the Labor Department reported the unemployment rate fell to a two-year low. “A stronger recovery with more rapid progress toward our dual mandate objectives is what we have been seeking. This is welcome and not a reason to reverse course.”