WASHINGTON, Feb. 7 (Xinhua) -- New York Federal Reserve Bank President William Dudley said on Wednesday that the recent market declines won't change his estimate of the U.S. economic outlook.

"This wasn't that big a bump in the equity market," William Dudley, president of the New York Federal Reserve Bank, said of the recent stock market declines at an event in New York.

"The stock market had a remarkable rise over a very long time with extremely low volatility," he added.

The Dow Jones Industrial Average plunged 4.6 percent on Monday, the biggest decline in almost six years and erasing gains since the beginning of this year. However, the market recovered on Tuesday, with the index up 2.33 percent.

"Having a bump up like this has virtually no consequence on my view of the economic outlook," Dudley said.

The NY Fed head said in mid-January that he raised his forecast for U.S. growth in 2018 by 0.5 to 0.75 percentage point to a range from 2.5 percent to 2.75 percent in view of the continuous growth momentum expected this year and the stimulus impact from the tax cuts bill passed last year.

But he suggested that the central bank should monitor the stock market performance.