Fed's Dudley opposed to a rule-based approach to rate policy

The Federal Reserve must be clear about its plans for interest rate policy but should not be slave to mathematical formulas, New York Federal Reserve President William Dudley said on Thursday. For the Fed to effectively guide the economy, "households and businesses need to be able to anticipate how the Federal Reserve is likely to respond to evolving conditions," Dudley said in prepared remarks for a panel in Washington. Speaking alongside a top proponent of the idea that central banks should fo