Fed's Dudley now calling for Fed rate cut next week amid recession concerns
Investing.com -- Former New Federal Reserve President Bill Dudley on Wednesday called for the Fed to cut rates as soon as next week amid recession concerns, reversing his long-held view for the U.S. central bank to persist with its higher for longer rate regime.
For a long while, the strength in the U.S. economy suggested the Fed wasn't doing enough to slow growth as the stock market surged and financial conditions remained loose -- but those facts have now changed. The signs of slowing growth are appearing in the the labor market, Dudley adds, expressing concern about the three-month average unemployment rate rising 0.43% from its low point in the prior 12 months to a rate that could spark a recession.
Inflation, meanwhile, continues to slow to the Fed's target. The Fed’s preferred consumer-price indicator, the core deflator for personal consumption expenditures, was up 2.6% in May from a year earlier, not"far above the central bank’s 2% objective," Dudley added.
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