Federal Reserve Bank of New York President William Dudley said Friday that the US economy is in ‘good shape’ to deal with shocks. "Monetary policy is appropriately still quite accommodative despite the advancing age of the expansion. While this limits to an extent the degree to which monetary policy can aggressively respond to any adverse events, the good news is that the economy is more resilient to any shocks," Dudley said. "Key sectors of the U.S. economy, such as the household sector, seem to be in good shape. The financial system is also clearly much stronger, with the banking system much better capitalized and with much larger liquidity buffers than in the years preceding the financial crisis”, New York Fed Chief said. He continued saying "the household sector looks much better positioned today than in 2008 to absorb shocks and continue to contribute to the economic expansion." Dudley’s comments come from prepared remarks of a speech at the New York Fed’s Economic Press Briefing on the Household Debt and Credit Report. For more information, read our latest forex news.