The Federal Reserve Bank of New York President William C. Dudley said on Monday that the U.S. economy will grow faster as a slowdown in the first quarter was partly caused by the bad weather.

He noted that a stronger U.S. dollar is "another significant shock" to the U.S. economy, making U.S. exports more expensive.

The Federal Reserve Bank of New York president pointed out that falling oil drilling and exploration is a risk to the economy.

Dudley is a voting member of the Federal Open Market Committee.