Former NY Fed President Warns of 'Unsustainable' US Fiscal Trajectory Due to Soaring Debt Costs and Lack of Political Will
-
US fiscal position is on an "unsustainable trajectory" due to lack of political will to resolve crisis and soaring debt costs, says former NY Fed president Bill Dudley
-
Situation will worsen as government debt repriced at much higher interest rates than past 15 years
-
Healthcare and social security costs ballooning as baby boomers retire, exacerbating fiscal outlook
-
Lack of functional US government currently to get things done on fiscal issues
-
Dudley says Fed unlikely to cut rates as quickly as markets expect; needs more labor market slack for wage inflation consistent with 2% target