Former Governor of the NY Federal Reserve
Aren't you feeling uneasy? Please give Dudley's reassuring opinion.
“I've changed my mind. The Fed should cut interest rates right now.”
By Bill Dudley (Former NY Fed President)
Waiting until September unnecessarily increases the risk of a recession.
The time has come to look for a new direction.
I've long been a “higher for longer” (keeping interest rates high over a long period of time), and have argued that in order to control inflation, the Fed should keep short-term interest rates at or above current levels.
However, the situation changed, so I changed my mind. The Fed should cut interest rates at next week's FOMC if possible.
This is because it may already be too late to cut interest rates and avoid a recession, but now, if we are meaninglessly sluggish, the risk will only increase.
“I've changed my mind. The Fed should cut interest rates right now.”
By Bill Dudley (Former NY Fed President)
Waiting until September unnecessarily increases the risk of a recession.
The time has come to look for a new direction.
I've long been a “higher for longer” (keeping interest rates high over a long period of time), and have argued that in order to control inflation, the Fed should keep short-term interest rates at or above current levels.
However, the situation changed, so I changed my mind. The Fed should cut interest rates at next week's FOMC if possible.
This is because it may already be too late to cut interest rates and avoid a recession, but now, if we are meaninglessly sluggish, the risk will only increase.
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