Richmond Fed president says it’s not yet clear when the central bank should cut rates. ‘It’s really hard to drive when it’s foggy’

Quick Summary:

Tom Barkin, president of the Federal Reserve’s Richmond branch, said businesses have turned cautious.

Gregory Daco, chief economist at EY, a consulting firm, said he thinks the Fed should cut rates soon because “the economy is slowing and will continue to slow and flirt with the recession.

Trump, however, has continued to assail Powell for not cutting rates, which over time could lower borrowing costs for consumers and businesses.

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Article Details

Author / Journalist: Christopher Rugaber, The Associated Press

Category: EconomyBusiness

Markets: United States

Topics: Interest rate Federal Reserve Fed interest rate

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-09 @ 19:26:47 (2 days ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 647 words

Reading Time: 4 minutes read

Sentences: 6 lines

Sentence Length: 108 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 28520721

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Official Website: fortune.com

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Year Established: 1929

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News Last Updated: 8 hours ago

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