NY Fed President Predicts 3% Growth

New York Federal Reserve President William Dudley said in a speech yesterday that he believes the US economy will realize a three percent growth in GDP by the second half of the new fiscal year. He brushed aside fears of a recession “double-dip” citing an increase in economic activity in most of the world’s largest economies.

“The consensus forecast of about three percent annualized real GDP (gross domestic product) growth in the second half of the year appears reasonable,” William Dudley said in a speech at a New York University on Monday.

“The fact that the recovery in economic activity is a world-wide phenomenon helps mitigate the risk of a so-called ‘double-dip’,” he added, pointing to concerns that the tentative economic recovery may in fact be a false dawn.

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