Federal Reserve New York President William Dudley has been on the wires over this past hour, speaking at the Virginia Association of Economists' annual meeting. In the speech, he explained that the fears of runaway inflation have proved unwarranted while the US economy is in a relatively good place. He Said that Yellen's message is if economy stays on current trajectory, Fed will gradually raise rates. Dudley repeated that the Fed is proceeding cautiously because of uncertainty in rest of world and that the Fed is also proceeding cautiously because of risk management considerations. In respect to the dollar, he said that the fluctuating greenbacks demand does not say much about policy and that negative rates are not on the table in US while the next Fed move on rates is likely to be up not down. For more information, read our latest forex news.