NY Fed's Dudley: deleveraging not over
The deleveraging process in the global financial system is still far from complete, said William Dudley, the president of the New York Federal Reserve.
Speaking at a conference in New York, Dudley said: "I don't want to give you the impression that all will be well soon - that seems unlikely."
He said that it would take time for the deleveraging process to come to an end and that the economy has considerable momentum to the downside.
Dudley added that the Fed was prepared to do whatever it takes
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