Dudley Doesn’t See New Fed Buffers for U.S. Against Europe

Federal Reserve Bank of New York President William Dudley said Europe has made significant progress in fiscal cutbacks and he doesn’t expect more Fed efforts to insulate the U.S. from the region’s debt crisis.

“While difficult work still lies ahead, countries in the euro area have made meaningful progress toward achieving long-term fiscal sustainability,” Dudley said in testimony today at a House Financial Services subcommittee hearing. “I do not anticipate further efforts by the Federal Reserve to address the potential spillover effects of Europe on the United States.”