Fed’s Dudley says U.S. housing ‘is gradually doing better’

  • Fed expects to be accommodative for ‘quite some time’.
  • Says Fed ‘missing substantially’ on unemployment rate.
  • Says Fed exit would take ‘considerable period’.
  • Says ‘fiscal cliff’ issue is hurting the economy.
  • Says Fed should get ‘a reasonable grade’ on policy.
  • Expects ‘gradual strengthening’ in U.S. economy.

And the ‘fiscal cliff’ gets steeper every day now.

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