Former New York Federal Reserve President Bill Dudley has called for the Fed to cut rates as soon as next week due to rising recession concerns. This marks a shift from his previous stance advocating for higher rates. Dudley argues that the economic landscape has changed, with efforts to cool the economy now visibly impacting lower-income households, particularly through higher credit card and auto loan rates, and a cooling labor market. He points to the three-month average unemployment rate nearing a recession-indicating threshold, known as the Sahm Rule. Fed Chairman Jerome Powell also recently highlighted labor market softening as a significant risk. While inflation continues to slow toward the Fed's target, Dudley acknowledges the risk of cutting rates too soon. Despite Dudley's concerns, about 95% of traders expect the Fed to keep interest rates steady at the upcoming July meeting.
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