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In a fireside chat with Cornell business school professor Maureen O'Hara, President Dudley discussed his perspective on potential reforms to the Dodd-Frank Act, culture in the banking industry, the economic impacts of November's election, and more. On the economic outlook, he said the Federal Reserve aims to raise rates in the months ahead as long as the economy continues to grow a bit above its trend.
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The Center for Microeconomic Data’s latest Quarterly Report on Household Debt and Credit revealed that total household debt increased 1.8% in the fourth quarter of 2016, to $12.58 trillion, only $99 billion shy of the Q3 2008 peak. Balances increased across all debt products, including mortgages, auto loans, credit cards, and student loans.
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Results from the latest Survey of Consumer Expectations showed an increase in one-year and three-year ahead inflation expectations, with both returning to levels last seen in the summer of 2015. Expectations about both finding or losing a job and the future unemployment rate improved, while household financial expectations deteriorated somewhat.
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In a five-part series on the Liberty Street Economics blog, New York Fed research economists Andreas Fuster, Eilidh Geddes, Andrew Haughwout, Richard Peach, and Joseph Tracy examined various facets of the housing market, including household leverage and equity, the vulnerability of households to declines in house prices, and demographic trends underlying the recent decline in the homeownership rate.
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At a conference at Columbia University's School of International and Public Affairs, EVP Kevin Stiroh, head of supervision, argued that enhanced resilience and efficient financial intermediation need not be mutually exclusive objectives. “In my view, it is entirely appropriate to continuously evaluate and rigorously assess the impact to ensure that the observed outcomes are consistent with stated objectives, such as greater resilience, efficient financial intermediation over time, and financial stability,” he said.
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EMPIRE STATE MANUFACTURING SURVEY
18.7
Business activity expanded at a solid clip in New York State, with the survey's headline general business conditions index up 12 points to 18.7, its highest level in more than two years.
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BUSINESS LEADERS
SURVEY
6.7
Activity in the region’s service sector continued to grow modestly, as the survey’s headline business activity index was relatively steady, at 6.7, versus a reading of 7.4 in January.
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