Former New York Fed President: The Fed should cut interest rates immediately

Odaily News Former New York Fed President Dudley wrote that he has long been in the camp of "maintaining high interest rates for a longer period of time", believing that short-term interest rates must be kept at or above the current level to control inflation. But changes in circumstances have changed his mind. He now believes that the Fed should cut interest rates, preferably starting at the interest rate meeting next week.