The President, the Fed, and the Road Ahead for Rates

William C. Dudley became the tenth president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. He also served as the vice chairman and was a permanent member of the Federal Open Market Committee (FOMC).

Dudley was born in Springfield, Massachusetts. Although he spent his freshman year of college at Columbia University in New York City he received his bachelor’s degree from New College of Florida in 1974. He received his doctorate in economics from the University of California, Berkeley in 1982.

Prior to joining the New York Fed, Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm’s chief US economist for a decade. Before he joined Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Prior to that, he was an economist at the Board of Governors of the Federal Reserve System in Washington, DC, from 1981 to 1983, so he was not a stranger to the Federal Reserve System when he joined the New York Fed in 2007.

Dudley served as executive vice president of the Markets Group, where he also managed the System Open Market Account for the FOMC. As a leader of both the Markets Group and of the Reserve Bank at large, he has seen the New York Fed weather through the most devastating economic storm since the Great Depression. On identifying himself as a “New York Fed person,” Mr. Dudley said that “people are here [at the New York Fed] because they want to work on policy and want to make a difference…contributing something very positive to society.”¹

In 2012, Dudley was appointed chairman of the Committee on the Global Financial System at the Bank for International Settlements (BIS). Previously, he served as chairman of the Committee on Payment and Settlement Systems at the BIS from 2009 to 2012.

Stephanie Flanders is Senior Executive Editor for Economics at Bloomberg and head of Bloomberg Economics. She was Chief Market Strategist for Europe at J P Morgan Asset Management in London (2013-17) and BBC Economics Editor (2008-13). She has also been Senior Advisor to US Treasury Secretary Lawrence H. Summers (1997-2001), editorial-writer for the Financial Times and an economist at the Institute for Fiscal Studies and London Business School.

Tom Orlik is Bloomberg’s Chief Economist, based in Washington DC. Previously, Tom was the Chief Asia economist for Bloomberg and China economics correspondent for The Wall Street Journal, based in Beijing. Prior to a decade in China, he worked at the British Treasury, European Commission, and International Monetary Fund. He is the author of Understanding China’s Economic Indicators and China: The Bubble that Never Pops.

Before joining Bloomberg as chief US economist, Anna Wong worked as principal economist at federal reserve board of governors, chief international economist at White House council of economist, and deputy director of office of international economic analysis at US Treasury.

David Wilcox is director of U.S. economic research at Bloomberg Economics. From 2011 to 2018, he was director of the Federal Reserve Board’s Division of Research and Statistics, and served as a senior adviser to three Fed chairs.

Chang Shu is Bloomberg’s Chief Asia Economist, based in Hong Kong. She leads a team to research into China, Japan, Australia and other major economies in the Asia-Pacific. She previously worked as a senior economist at the Bank for International Settlements and Hong Kong Monetary Authority. In those capacities, she researched widely into the global and Chinese economies. She was also closely involved into policy work including renminbi internationalisation. Prior to these, she also worked at the Bank of England. She is also a director at the Chinese Financial Association of Hong Kong.

Simona Delle Chiaie is the Chief Euro-Area Economist at Bloomberg Economics. Before joining Bloomberg, she worked for more than 15 years in the Eurosystem, serving as Principal Economist at the European Central Bank and Head of the International Macroeconomic Section at the Banque de France. She holds a PhD in Economics, and her research has appeared in peer-reviewed journals.

Jennifer Welch is the Chief GeoEconomics Analyst for Bloomberg Economics, where her team focuses on the intersection of geopolitics and economics. She previously worked at the US National Security Council as the director for China and Taiwan, and before that served as the Vice President’s advisor on Asia and the Pacific. She is based in Washington, D.C.

Jamie Rush, Chief European Economist at Bloomberg in London since 2015, leads research and forecasting for UK, euro area, Nordics, and Russia. He previously managed Middle East and Africa teams and developed SHOK, an in-house model. Jamie holds a PhD in economics from the University of Sheffield and has published extensively. He regularly appears in the media, has testified before the British Parliament, and lectures at University College London. Jamie’s career includes roles at the UK Office for Budget Responsibility and the New Zealand Treasury.

Shawn Donnan is an award-winning senior economics writer for Bloomberg News. He covers the impact and consequences of economic policy on the real economy across the organization’s many platforms. He joined Bloomberg in 2018 from the Financial Times where he worked for almost two decades, serving most recently as World Trade Editor. Prior to that Donnan ran the FT’s World News Desk, coordinating the paper’s global coverage of economics and politics. As a correspondent he has reported from Asia, Africa, Australia, Europe, Latin America and dozens of U.S. states. He is a graduate of Boston University and a proud Australian.

Antonio is the Europe Geoeconomics Lead, based in Geneva. He is also an adjunct professor at Science Po in Paris. Previously, he co-launched the geopolitical risk unit of consulting firm Teneo and worked as a Senior Analyst at Eurasia Group. He holds a PhD from the London School of Economics and Political Science.

Clive Crook is a Bloomberg Opinion columnist and writes editorials on economics, finance and politics. He was chief Washington commentator for the Financial Times, a correspondent and editor for the Economist and a senior editor at the Atlantic.

Björn van Roye (PhD) is the Head of Global Economic Modelling for Bloomberg Economics in Madrid. He previously worked as a Team Lead Economist at the European Central Bank and a Research economist at the Kiel Institute for the World Economy. He is also visiting Professor of Advanced Macroeconomics at the University of Oxford.

Bhargavi Sakthivel is is an economist for Bloomberg Economics covering the global economy – with a focus on fiscal policy. She holds a doctorate degree in Economics from the LSE and has previously worked as a Consultant with the OECD.

Ziad Daoud is the Chief Emerging Markets Economist at Bloomberg and a Senior Fellow at Harvard Kennedy School’s Belfer Center for Science and International Affairs. Prior to that, he was the Chief Middle East Economist at Bloomberg, Head of Economics at QNB Group, and an economist at Fulcrum Asset Management. He holds a PhD in economics from the London School of Economics and a BSc in economics and statistics from University College London.