The Fed has caused a recession every time it's tried to weaken the labor market, and a 'soft-landing' of the economy is unlikely, former New York Fed chief Bill Dudley says

Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on his nomination to become chairman of the U.S. Federal Reserve in Washington, U.S., November 28, 2017.

Reuters/Joshua Roberts

• The Fed has sparked a recession every time it's tries to tackle a hot labor market, former Fed official Bill Dudley said. 
• Powell has repeatedly cited a tight labor market as to why interest rates need to remain restrictive.
• Dudley believes a soft-landing is unlikely...