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(Reporter Hyun-Jeong Yoo, Daily Business News) Federal Reserve (Fed) Harker said on the 27th (local time) that starting with a 25 basis point interest rate cut “seems very reasonable to me.”
Philadelphia Fed President Patrick Harker said he expects the central bank to begin easing monetary policy by cutting interest rates by 0.25% and is willing to allow larger rate cuts if the labor market suddenly deteriorates.
He said he was open to the idea of potentially deeper cuts if it became clear there were problems in the labor market, but he didn’t expect that to happen now.
Just hours after Federal Reserve Chairman Jerome Powell said at Jackson Hole that “the time has come to adjust policy,” regional Fed presidents made new comments that could lead to a drop in market interest rates.
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