US Fed to raise interest rates soon: Dudley
Regarding China’s recent decision to devalue the yuan, Dudley commented that it was too soon to draw firm conclusions regarding the effect of this move on the global economy while adding that the decision brings the value of the yuan closer into line developments in other major currencies, many of which have also weakened against the dollar this year. Dudley added that the weaker yuan could put downward pressure on US inflation figures.
The Federal Open Market Committee, which decides on monetary policy, will meet on September 16-17. This meeting will be followed by a press conference where Fed will announce its decisions on interest rates. Many economists predict that the Fed will raise rates at its September meeting.
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