Recession risk now 'very low'; rate hikes seen for years: Dudley

SYRACUSE, N.Y. (Reuters) - The risk of a U.S. recession is "very low" in the near term so the Federal Reserve will likely continue to raise interest rates gradually over "the next few years," New York Fed President William Dudley said on Monday.

"By the time that the next recession hits interest rates will be considerably higher than what they are, so I think we'll have more room" to cut rates in response, he said. Dudley added that the economy is "at a good place" for the central bank to start shedding bonds.

(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)