The long-anticipated Fed pivot
“It buys you a little bit of insurance” against a further unexpected weakness in the labor market, said Loretta Mester, who retired in June as president of the Cleveland Fed.
“The Fed was criticized for being too slow to start raising rates. Naturally, it doesn’t want to be criticized again for being too late.
It really is focused on achieving the soft landing.”
Nick Timiraos Wall Street Journal 18 September 2024
https://www.wsj.com/economy/central-banking/fed-cuts-rates-by-half-percentage-point-03566d82
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