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7/18, 9:10 PM (Source: TeleTrader)
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Fed's Williams argues rate cut will prevent 'disaster'

The United States Federal Reserve should take preventative measures when rates are low and economic growth is slowing to avoid a "disaster," the central bank's New York subsidiary President John Williams (pictured) said at the annual meeting of the Central Bank Research Association on Thursday.

"It's better to take preventative measures than to wait for disaster to unfold. When you only have so much stimulus at your disposal, it pays to act quickly to lower rates at the first sign of economic distress," Williams stated.

Earlier today, St Louis Fed President James Bullard also voiced his support for an interest rate cut, arguing it would act as an "insurance" against an economic slowdown.

Breaking the News / MD