Big rate cut was ‘appropriate’ first step: Fed official

Big rate cut was ‘appropriate’ first step: Fed official …C0NTINUE READING HERE >>>

Bostic said the Fed was not in a ‘mad dash’ to normalize monetary policy.
Photo: Mandel NGAN / AFP
Source: AFP

The US Federal Reserve’s decision to cut interest rates by half a percentage-point was “an appropriate and necessary first step,” given progress on reducing inflation, a senior bank official said Monday.

The central bank surprised some analysts by choosing a more aggressive rate cut last Wednesday, as the Fed looked to support the cooling US labor market after making progress…

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