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Dudley Warns US Fiscal Position Is on ‘Unsustainable Trajectory’
The US fiscal position is on an “unsustainable trajectory” due to a lack of political will to resolve the crisis at a time when debt costs are soaring, former Federal Reserve Bank of New York President Bill Dudley said. “The situation is going to get worse because the government’s debt is going to be repriced at much higher interest rates than what we’ve had over the last 15 years” Dudley, a senior research scholar at Princeton University’s Center for Economic Policy Studies, said via videocall at a conference in Sydney. He also pointed to ballooning costs of healthcare and social security as the ... (full story)