Analyst: The Federal Reserve should urgently cut interest rates now
Nigel Green of the deVere Group said in a report that if the Federal Reserve does not cut interest rates soon and waits until its next meeting in September, it would be a dereliction of duty. The unexpected rise in U.S. unemployment last Friday was the underlying reason for pressure on stock index futures, the dollar, and U.S. bond yields to fall. Green is calling for an immediate 25 basis point rate cut, while other analysts are suggesting an emergency rate cut of up to 75 basis points to avoid economic recession. The Fed "needs to take action now... otherwise there may be far-reaching risks of a hard landing."
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