“There’s a lot of work to do, and unfortunately it’s gonna put a lot of pain on the rest of the world because as the Fed tightens, the dollar appreciates, that puts more pressure on other emerging-market economies – especially those that have taken on a lot of dollar debt,” he said.
The Federal Reserve “hasn’t accomplished anything” in loosening the US labour market even after four consecutive 75-basis-point hikes, former New York Fed President Bill Dudley said.
Friday’s jobs report showing a 261,000 gain in payrolls and a slight uptick in unemployment in October is “not consistent with a loosening labour market,” Dudley, chair of the Bretton Woods Committee, said at a conference on the future of finance in Singapore Monday.
