Fed's Dudley: Rate Hike "Less Compelling"

(RTTNews) - The Federal Reserve may delay hiking interest rates until at least December.

The case for a rate hike in September is "less compelling" given problems with the global economy and plunging stocks, said William Dudley, the president of the New York Fed, on Wednesday.

"From my perspective, at this moment, the decision to begin the normalization process at the September FOMC meeting seems less compelling to me than it was a few weeks ago," he said.

"But normalization could become more compelling by the time of the meeting as we get additional information on how the U.S. economy is performing and more information on international and financial market developments, all of which are important in shaping the U.S. economic outlook," he added.