Fed's Dudley warns inflation may fall further *UUP *PIC*

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Fed's Dudley warns inflation may fall further ( 10_YEAR GC2G 2_YEAR DXY ) (by Deborah Levine)

NEW YORK (MarketWatch) -- Inflation is likely to remain below the Federal Reserve's objective for several years, said New York Federal Reserve President William Dudley on Friday. In a speech two days after the Fed said its long-term inflation goal was 2%, the most explicit the Fed has been in setting an inflation target, Dudley said inflation "may be headed down further." Europe, fiscal policy and housing are inhibiting growth, while slack in the labor market is "unacceptably" high. Risks to the outlook remain skewed to the downside, mainly due to uncertainty about Europe, said Dudley in a speech in New York City. He said the Fed will continue to do its part to support the economy, "but it's not all powerful."

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