10/11, 3:49 AM (Source: TeleTrader)
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Kashkari: Rate cut needed if data continues

If current trends in economic data in the United States continue another rate cut by the Federal Reserve will be necessary, Minneapolis Federal Reserve Bank President Neel Kashkari said.

Kashkari warned that a recession is possible, but noted it isn't a trend he expects to see. He also stressed that Chairman Jerome Powell is greatly supported within the Federal Open Market Committee.

US President Donald Trump has been critical of Powell and the Fed as he called on further rate cuts after the central bank decided to reduce rates twice this year.

Breaking the News / VP