Former NY Fed President Bill Dudley Calls for Immediate Rate Cuts

IconCryptoNewsTerminal Staff24 Jul, 2024

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Former NY Fed President Bill Dudley Calls for Immediate Rate Cuts

Former NY Fed Chief Dudley: ‘Fed Should Cut Rates Now’ Former New York Fed President Bill Dudley has urged the Federal Reserve to cut interest rates immediately, citing concerns about the economy. "I think the Fed should cut rates at the next meeting, if not sooner," Dudley said. Dudley, who retired from the Fed in 2018, said he had previously been in favor of keeping interest rates higher for longer. However, he has since changed his mind, believing that the risks of an economic downturn have increased. "The global economy is slowing down, and the trade war between the U.S. and China is taking its toll," Dudley said. "I think the Fed needs to take action to prevent the economy from weakening further." The Fed is scheduled to meet on July 30-31 to discuss interest rates. Dudley's comments add to the growing pressure on the Fed to cut rates, as investors and economists alike are becoming increasingly concerned about the health of the economy.

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