Rochester continues to reinvent itself. That's the assessment of William Dudley, President & CEO of the Federal Reserve Bank of New York.
During a breakfast meeting Wednesday sponsored by the Rochester Business Alliance, Dudley talked about this region's efforts to overcome the job losses that happened when the area's largest manufacturers downsized over the last several years.
"That trauma I think is mostly past, and you're left with a very skilled workforce, your tremendously good educational establishments, increasingly good partnership between education and business."
Dudley emphasized the need for workforce development, to help people in this area who need jobs be matched up with companies that have openings, particularly in some of the trades, or so-called "middle skills jobs."
One of the questions from the audience had to do with how low interest rates are, and how that is impacting people who used to depend on income from interest-rate sensitive investments.
Dudley says he realizes there’s a negative impact there, and hopes that rates can get back to a more normal level soon.
"We’re following a low interest rate policy because we think that's the way to best generate a sustainable economic recovery and the sooner we get a strong, stable, enduring economic recovery, the sooner we can actually raise interest rates.”
Dudley would not be any more specific on when rates might go up, saying that will depend on the economic data. There has been widespread speculation on Wall Street that interest rates may rise as soon as September depending on how the economy is doing.
