Fed's Dudley: economy better but not satisfactory

The U.S. economy is heading in the right direction and will pick up steam over the next two years, but high unemployment and low inflation still paint an unsatisfactory picture, New York Federal Reserve President William Dudley said on Monday.

The economy is healthier, but it is not yet well, Dudley said at a press briefing. In order to reduce joblessness significantly over the coming quarters, the economy needs to grow at a considerably faster rate than we have seen so far in this recovery.

(Reporting by Kristina Cooke and Steven C. Johnson; Editing by Chizu Nomiyama)