Comments from NY Fed President Dudley:
- Main danger to current expansion is big shocks
- Households better able to absorb shocks than in 2008
- US household debt services ratios have declined
- Financial system clearly much stronger than in 2008 (BAML's share price would disagree)
- Fed policy is 'appropriately still quite accommodative'
- Possibility is low of significant inflation risk
He's upbeat but the comment about rates being appropriate suggests he isn't supportive of any hikes.
There will be more comments as he answers questions.