I Changed My Mind. The Fed Needs to Cut Rates Now.
Waiting until September unnecessarily increases the risk of a recession.
July 24, 2024 at 5:30 PM GMT+8
By
Bill Dudley
Bill Dudley, a Bloomberg Opinion columnist, served as president of the Federal Reserve Bank of New York from 2009 to 2018. He is the chair of the Bretton Woods Committee, and has been a nonexecutive director at Swiss bank UBS since 2019.
Time for a new direction.
Photographer: Nathan Howard/Getty Images
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I’ve long been in the “higher for longer” camp, insisting that the US Federal Reserve must hold short-term interest rates at the current level or
higher to get inflation under control.
The facts have changed, so I’ve changed my mind. The Fed should cut, preferably at next week’s policy-making meeting.
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