Federal Reserve Hack: The Federal Reserve could still cut interest rates later this year

Mr. Harker said deficits had to be brought under control at a time of growing challenges to the US financial system and was "very concerned" about the current state of government finances. "We are becoming more and more blind on key data," he added. "We are concerned that the quality of economic data is declining. Uncertainty makes forecasting the outlook for monetary policy very difficult. But amid that uncertainty, a rate cut later this year is still possible."