Fed's Dudley suggests taper won't come for a long time yet

Fed dove William Dudley has said that unemployment probably won't reach the Fed's 6.5 per cent threshold for a "considerable time".

Using the word taper twice in his speech, Dudley said that policy makers must continue to act "forcefully" against economic headwinds while the economy fails to shows signs of "any meaningful pickup" in momentum.

We might wait a long time after we breach the threshold before we begin to raise our federal funds rate target.

Not unexpected from the dovish central banker, but seems to throw out the idea that we might see tapering begin this year.