Fed's Dudley noted the tepid pace of the expansion
Fed's Dudley noted the tepid pace of the expansion in his speech, "Remarks at the 40th Annual Central Banking Seminar," and ascribed it partly to the typically shallow nature of recoveries following a financial crisis, as well as to the constraining nature of the zero bound. And he added that zero bound also suggests the Fed should be cautious in removing accommodation, where he also cited some economists' concerns over rising risks of a recession. He sees communication as an important challenge for central bankers, and believes better communications would help on the inflation goal -- "good communication can lead to a clear understanding of the Fed's framework." The cautious nature of this speech is consistent with the FOMC's decision to remain sidelined last month, but doesn't suggest at this point, that a hike is off the table into year end.