January 27, 2009

DOING RIGHT BY THE ECONOMY:

Dudley Is Likely Pick for New York Fed (JON HILSENRATH, 1/27/09, WSJ)

In choosing Mr. Dudley, a low key but tenacious economist, the New York Fed's board has assured itself continuity at a critical time for the regional Fed bank. [...]

Most of the rescue programs developed by the Fed during the financial crisis -- from an effort to bolster the commercial paper market to a new special lending program for investment banks to efforts to help money market funds -- have run through the New York Fed's markets desk, where Mr. Dudley has a loyal following.

Mr. Dudley was chief economist at Goldman Sachs for a decade before joining the New York Fed. As a private economist, he sometimes took issue with the central bank for being too complacent. [...]

Coming out of the 2001 recession, Mr. Dudley correctly went against the consensus view on Wall Street and predicted an anemic economic recovery and slowing rates of inflation. In 2003, he won The Wall Street Journal's economic forecasting contest for those predictions.


He can't be skeptical enough of inflation.

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Posted by Orrin Judd at January 27, 2009 11:12 AM
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