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FED: FOMC Has to Weigh Risks of Moving Too Early Versus Too Late

FED
  • Q: Provide more color of the nature of the discussion at the meeting about a possible rate cut in September?
    • A: There's a range of views.  People have different ways of thinking about the economy.  So in the minutes we'll weigh this out. There's a range of perspectives.  We're a consensus driven organization.  People come together.  There was a unanimous decision.  At the end, everyone supported the outcome, not just the voters, but everyone.   I would also say some people examined the possibility, the case, for moving at this meeting. But overwhelmingly the sense of the Committee was, as soon as the next meeting depending how the data come in.
  • Q: Is Bill Dudley wrong about it possibly  being too late to cut rates to avoid a recession?
    • A: This is the judgment that we have to make. As I've said, we have to weigh the risk of going too soon against the risk of going too late. What you see is the judgment of the committee that the time is drawing near.  It could be in September.  If, you know, if the data supports that.
    • I don't know whether [the chances of a hard landing have] increased.  They are low.
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