Two influential Federal Reserve officials on Thursday sharpened their public cas...
NEW YORK - Two influential Federal Reserve officials on Thursday sharpened their public case for acting quickly to support the U.S. economy, reviving bets that the central bank may deliver a double-barreled interest rate cut this month.
John Williams, vice chairman of the Fed’s rate-setting committee and head of the regional Fed bank in New York that implements those policies, said that when rates and inflation are low, policymakers cannot afford to keep their “powder dry” and wait for potential economic problems to materialize. Fed Board of Governors Vice Chair Richard Clarida, meanwhile, said policymakers might need to act early to stimulate the U.S. economy as an insurance policy against rising risks.
Traders in interest-rate futures are now betting policymakers will cut rates by half a percentage point at their July meeting, double the cut they expected just a day ago. Stocks gained on Thursday, while short-term bond yields sank. [MKTS/GLOB] Taking quick action to cut rates in the face of “adverse economic conditions” and keeping rates lower for longer, Williams said, “should vaccinate the economy and protect it from the more insidious disease of too low inflation” or an economic disaster.
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