Fed's Dudley hopeful of interest rate hike this year despite weak data

April 20, 2015 2:18 PM

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A top Federal Reserve policymaker said Monday that he was hopeful the central bank will raise its benchmark short-term interest rate this year despite recent weak economic data.

William C. Dudley, president of the Federal Reserve Bank of New York, said he expected a slowdown in growth in the first quarter of this year "will prove to be largely temporary" and a bounceback would set the stage for the first rate hike since 2006.

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