Former New York Fed Chair supports "50 basis points rate cut" call: Weak labor market is a major driver for the Fed to cut rates significantly
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Former New York Fed President William Dudley said at the Bretton Woods Committee forum that considering the weakness in the US labor market, the Fed may cut interest rates by 50 basis points at the upcoming meeting next week. He emphasized that the risks to the employment market are greater than the challenges of inflation, and despite the recent rise in core inflation rates, he believes more aggressive rate cuts should be taken. There is a divergence in the market regarding the magnitude of the rate cut, Dudley pointed out that the Fed's decision will depend on Chairman Powell and his support
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