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NEWARK, N.J., April 6 (Reuters) - Yields on longer-term U.S. debt seem low given the Federal Reserve expects inflation to rise, but the cheap borrowing costs likely mostly reflect monetary easing in Europe and Japan, New York Fed President William Dudley said on Monday.
"You look at the 10-year Treasury note yields that are still below 2 percent, you sort of say that's pretty low if the Federal Reserve is actually going to be successful in the medium term in achieving its inflation objective," he told a business audience here.
But "in Japan and Europe we have much, much lower long-term yields than we have in the U.S., and that's in part because they are doing ... quantitative easing (which is) rippling out into our markets," Dudley added. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)