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7/19, 3:24 PM (Source: TeleTrader)
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NY Fed tones down Williams' rate cut remarks

The New York Federal Reserve issued a statement on Friday claiming its President John Williams was not hinting at a July rate cut in a speech delivered at the annual meeting of the Central Bank Research Association a day earlier.

"This was an academic speech on 20 years of research. It was not about potential policy actions at the upcoming FOMC meeting," a spokesperson for the New York Fed stated.

On Thursday, Williams warned that policymakers need to "act quickly to lower rates" in order to avoid a "disaster," which market watchers understood as a signal that the Fed will lower rates at its upcoming meeting.

Breaking the News / NP