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Dudley Says Fed Has Responsibility for Global Stability

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New York Fed President William C. Dudley, acknowledging the U.S. central bank failed to stem the credit bubble that gave rise to the 2008 financial crisis, said it has an obligation to support global stability.

“Given the dollar’s role as the global reserve currency, the Federal Reserve has a special responsibility to manage U.S. monetary policy in a way that helps promote global financial stability,” Dudley said in prepared remarks in Paris today. “Our actions have global implications that feed back into the U.S. economy and financial markets.”