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Fed ‘Hasn’t Accomplished Anything’ on Labor Market, Dudley Says

Bill Dudley

Bill Dudley

Photographer: Stephen Yang/Bloomberg

The Federal Reserve “hasn’t accomplished anything” in loosening the US labor market even after four consecutive 75-basis-point hikes, former New York Fed President Bill Dudley said.

Friday’s jobs report showing a 261,000 gain in payrolls and a slight uptick in unemployment in October is “not consistent with a loosening labor market,” Dudley, chair of the Bretton Woods Committee and senior adviser to Bloomberg Economics, said at a conference on the future of finance in Singapore Monday.