ZURICH -- William J. McDonough, president of the Federal Reserve Bank of New York, said the Fed did not hurt its credibility as an inflation fighter by not raising rates after the recent report of employment growth.

Mr. McDonough made the comment before speaking to a gathering of the Swiss-American Chamber of Commerce.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.