Fed's Dudley: 'Deeply unhappy' with job outlook ** *PIC*

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Fed's Dudley: 'Deeply unhappy' with job outlook (by Greg Robb)

WASHINGTON (MarketWatch) - William Dudley, the president of the New York Federal Reserve Bank, said Thursday that he is "deeply unhappy" with the current forecast of prolonged high unemployment. As a result, Dudley said he planned to "continue to review whether there is more that we could do that would bring more benefit than cost." Dudley's comments came in a speech at the U.S. Military Academy at West Point. He said that the Fed could engineer another round of asset purchases, saying it "might make sense" to purchase mortgage-backed securities to aid the housing market. Dudley said he also supported giving the market clear guidance about what conditions the Fed would expect to see before raising short-term interest rates.

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