William C. DudleyDUDLEY: If the economy continues to evolve along the path that we expect, I expect that we’re going to be raising interest rates relatively soon.[p|div|span]>
WSJ: What does “relatively soon” mean?
DUDLEY: I would expect this year.
DUDLEY: As the chair has said, I mean, [November] is a live meeting. So I’m going to repeat that. But at the same time, as I just said a little bit earlier, there isn’t this tremendous urgency to act on monetary policy right now. There’s not that—it’s not like if we wait a meeting or don’t wait a meeting that it has huge consequences for the trajectory of the economy. And I’ll leave it at that.
DUDLEY: It’s not for me to say whether markets are too hung up [on the prospect of a rate hike]. I mean, I suppose if I was an investor I might be hung up on it too. But I think that, you know, we’re here to generate as good outcomes as we can for Americans broadly in terms of employment and inflation. We’re not here to satisfy market participants. That’s really not what our goal of policy is. So I think it’s important to recognize that, you know, if we move or we don’t move in a particular meeting, we’re not talking about this huge, you know, cataclysmic event.