Dudley: Weather took big chunk out of Q1 GDP, but Q2 to bounce

|By:, SA News Editor

The weather knocked about 0.5-1% off of growth in Q1, says FRBNY boss Bill Dudley - now being interviewed by Jon Hilsenrath. Dudley now expects GDP to print at under 2% in Q1, but to rebound in Q2 as things warm up.

The 6.5% unemployment rate threshold is "already obsolete" as we're just about already there and nobody expects a rate hike anytime soon. Dudley prefers the BOE's more qualitative approach where a broad range of labor market indicators are looked at.

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