Federal Reserve Bank of San Francisco President Mary Daly said that the US central bank needs to take a gradual approach to lowering borrowing costs, per Financial Times.
Key quotes Daly calls for a prudent approach to lowering rates Pushes back on economists’ concerns that the US economy is heading for a sharp slowdown that warrants rapid cuts in interest rates. Gradualism is not weak, it’s not slow, it’s not behind, it’s just prudent. After the first quarter of this year, inflation has just been making gradual progress toward 2 percent. The Fed did not want to overtighten into a slowing economy. No need for a dramatic response to the weakening labor market.
How often does the Fed hold monetary policy meetings? The Federal Reserve holds eight policy meetings a year, where the Federal Open Market Committee assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
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