One of the central bank's most influential policymakers said on Friday he does not expect the economy to suffer a double-dip recession.

William Dudley, the president of the Federal Reserve Bank of New York and vice chair of the Fed's policy-setting committee, also told a media briefing that Standard & Poor's decision this month to cut the nation's top-notch rating will help reinforce commitment to long-term fiscal consolidation.

As for the New York City economy, Dudley said it is too soon to say how employment levels on Wall Street will be impacted by market turmoil and other factors, such as new regulations.

(Reporting by Edith Honan, Editing by Chizu Nomiyama)

Unemployment