NY Fed President William Dudley Sees Little Change After Chair Transition

New York Fed president William Dudley encouraged support in the Federal Reserve's present monetary policy

forward towards the Fed's chair transition on CNBC's Squawk Box Tuesday morning. "I think that the market should have reasonable confidence in the forward guidance, because the reality is the Federal Reserve is not just about the chair…and the Fed's mandate is very clear: maximum sustainable employment in the context of price stability," said Dudley. Dudley said that we would be surprised if the fed change its monetary policy after Ben Bernanke's time as chair is over. He included that if his former colleague and friend is Janet Yellen is chosen, she is very likely to continue with quantitative easing.

He did, however, note that many are worried over the possibility of a bad outcome as the debt ceiling creates the issue of uncertainty to grow, specifically in the near-term future. "It does create a little bit of a cloud, right now, over the economy," said Dudley. Dudley also called out to Congress, saying that "less drama, more certainty, would be a very good thing."

At the time of this writing, Jason Cunningham had no position with the mentioned entities. Visit Jason on Twitter @JasonCunningham.

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