A Possible Slower Global Growth Rate Says William Dudley

Federal Reserve official, William Dudley, has said that a rate rise in September now “seems less compelling” than it was a few weeks ago.

New York Fed president Mr Dudley said economic turmoil in China had made the case for a rate rise harder to make.

“The slowdown in China could lead… to a slower global growth rate and less demand for the US economy,” he said.

The US central bank was also “a long way from” engaging in more quantitative easing to prop up the economy, he said.