Fed's Dudley: September rate hike 'less compelling'

William Dudley, the president of the New York branch of the Federal Reserve, has said the recent volatility in China makes a US rate hike next month less attractive.

Dudley (pictured) said a hike in September has become "less compelling" after the turmoil in global markets this week reignited concerns over global economic growth. In a press conference on Wednesday, the Fed chief said: “From my perspective, at this moment, the decision to begin the normalisation process at the September meeting seems less compelling to me than it was a few weeks ago." He added recent market movements could have an impact on the key data points the central bank uses to test its interest rate case in the future, but they would have to be "persistent" to "impinge" on...