The Fed's Dudley cited "temporary, idiosyncratic factors" for weak prices and said "gradually" removing stimulus was still appropriate.
If Gary Cohn ever wants to head the Federal Reserve, then he's likely to stay right where he is in the Trump administration.
The recent narrowing of credit spreads, record stock prices, and falling bond yields could encourage the Federal Reserve to continue tightening U.S. policy.
U.S. stock futures were lower as the fallout over President Trump's firing of FBI Director James Comey continues to dominate the headlines.
New York Fed President William Dudley's remarks come at a time when open borders have come under increasing criticism.