New York Federal Reserve Bank President William Dudley raised concerns Friday about lower inflation expectations and risks from abroad, but generally said domestic fundamentals remain strong enough to propel the U.S. economy toward lower levels of unemployment and higher levels of inflation. Dudley, who as vice chairman of the Fed's policymaking Federal Open Market Committee voted for the FOMC's 25 basis point December hike in the federal funds rate, was imprecise about the future path of that overnight rate, saying it will be "quite gradual" and data-dependent. The funds rate path can be adjusted as needed to ... (full story)