Thu, Jun 27, 2013 12:01 PM EDT 1:16
The Federal Reserve's asset purchases would be more aggressive than the timeline Chairman Ben Bernanke outlined last week if economic growth and the labor market turn out weaker than expected, the influential head of the New York Fed said on Thursday. Pushing back hard against market concerns over the withdrawal of quantitative easing, William Dudley stressed in a speech that the newly adopted timeline for reducing the pace of bond buying depends not on calendar dates but on the economic outlook, which remains quite unclear. Two bills were passed in New York City to curb excessive powers in the New York Police Department and New York Mayor Bloomberg has promised to veto both bills. One bill would create an independent inspector general to monitor the NYPD, and the other would allow people who believe they have been racially profiled to sue the police in state court. The U.S. economy slowed down, but the stock market went up for a second day in a row. It was the first two-day stretch of gains since the Federal Reserve gave a timetable for throttling back its economic stimulus a week ago.