Former New York Federal Reserve President: The Federal Reserve should cut interest rates immediately

Dudley, the former president of the New York Fed, wrote that he had long been in the camp of "keeping interest rates high for longer", arguing that short-term interest rates must be kept at or higher than current levels to control inflation. But the change of circumstances has changed his mind. He now believes that the Federal Reserve should cut interest rates, preferably at next week's interest rate meeting.