Former Fed "big hawk" Bullard: Cutting interest rates in March is wise

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Cointime2024/02/18 23:59

By:Cointime

Former St. Louis Fed President Bullard recently stated that he believes the Fed should cut interest rates at the next meeting (in March) as a preemptive move to prevent its policy stance from overly suppressing economic activity later this year. Two years ago, Bullard was a major advocate for rapid interest rate hikes, and as recently as last summer, he warned that further rate hikes were necessary. However, he now says that a rate cut makes sense, as inflation rates have fallen below 3% and are moving towards the Fed's target of 2%, based on the indicators the Fed prefers. "I think they should move," he said after speaking at a meeting of the National Business Economics Association in Washington. "The wiser course of action might be to move earlier but at a slower pace."

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