( ) -q-28- UNDATED (Correspondent Jeremy House) “a 23-year high.” A top Federal Reserve official warned that the central bank needs to cut its key interest rate before the job market weakened further. [CutID: <Cuts> FED-GOOLSBEE-house-q-THUam.mp3 Time: 28s Title: FED-GOOLSBEE-house-q-THUam Out-cue: a 23-year high] TAG: Correspondent Jeremy House reporting. Most economists envision a modest quarter-point […]
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Top official says Fed can’t risk being too late with rate cuts
( ) -q-28- UNDATED (Correspondent Jeremy House) “a 23-year high.”
A top Federal Reserve official warned that the central bank needs to cut its key interest rate before the job market weakened further.
[CutID: <Cuts> FED-GOOLSBEE-house-q-THUam.mp3
Time: 28s
Title: FED-GOOLSBEE-house-q-THUam
Out-cue: a 23-year high]
TAG: Correspondent Jeremy House reporting. Most economists envision a modest quarter-point cut next month, with similar rate cuts to follow in November and December.
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VERBATIM: Austan Goolsbee, president of the Federal Reserve Bank of Chicago, tells the AP failure to do so means the Fed would risk moving too late and potentially imperil the economy. Goolsbee says because the Fed’s rate decisions typically affect the economy only after an extended time lag, it must avoid waiting too long before reducing rates. With inflation steadily easing, the Fed is widely expected to start cutting its benchmark rate next month from a 23-year high.