Analysts at UOB Group explained that the New York Fed President Bill Dudley (permanent FOMC voter) explained that a large external shock is now the main risk to the “advancing age” of the US economic expansion. Key Quotes: "He reiterated FOMC Janet Yellen’s Congress hearing key phrase that expansions “don’t die of old age”. The turmoil in market mostly tied to overseas events and not US economy, in Dudley’s view. He also kept the March FOMC a live meeting as Dudley would not commit on rate decisions because data could change before March meeting and he emphasized that recent events will factor into March decision. On the topic negative rates, Dudley opined that negative rates abroad have only small effects on the US economy and that the talk of negative rates for the US is “extraordinarily premature” and there are many other actions the Fed would take before resorting to negative rates." For more information, read our latest forex news.