Two Federal Reserve officials on Thursday said they see no need for an interest ...
JACKSON HOLE, Wyo. - Two Federal Reserve officials on Thursday said they see no need for an interest rate cut widely expected next month by markets, highlighting policymakers’ divisions over how to respond to signs of a global economic slowdown.
“I’d be happy to leave rates here absent seeing either some weakness or some strengthening, some kind of upside risk that would cause me to think rates should be somewhere else,” George said in an interview with Bloomberg TV. Harker, meanwhile, told CNBC in a separate interview “we should stay here for a while and see how things play out.”
Economic data is sending contradictory signals.U.S. manufacturing industries recorded their first month of contraction in almost a decade in August, IHS Markit’s Flash Purchasing Managers’ Index showed on Thursday. Trump also said the escalating trade conflict with China was necessary despite research suggesting tariffs and the uncertainty they cause businesses were slowing growth.
George and Boston Fed President Eric Rosengren were the two voting panelists who dissented, wanting to hold rates steady.
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