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Fed’s Dudley: Two key tests show economy too fragile to begin tapering 
By Jim Puzzanghera 
September 23, 2013, 8:45 a.m.

WASHINGTON — A top Federal Reservepolicymaker said Monday that the economy still wasn’t strong enough in two key areas to begin tapering the central bank’s bond-buying stimulus program, particularly with budget and debt-limit fights looming.

"In my view, the economy is slowly healing," William C. Dudley, president of the Federal Reserve Bank of New York, said in a speech at Fordham University.

"But, while significant progress has been made since the end of the recession, there remain a number of headwinds that have offset the improvement in the underlying fundamentals," he said. "In my view, the economy still needs the support of a very accommodative monetary policy."

Dudley was among the Federal Open Market Committee members who voted 9-1 last week to continue purchasing $85 billion in Treasury bond and mortgage-backed securities each month.

Given recent comments by Fed officials, many economists and investors had expected the Fed to announce a reduction in those monthly purchases.

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