Investing.com -- Former New York Federal Reserve President Bill Dudley expressed support for a 50-basis-point interest rate cut in thwas a strong case, Reuters reported on Friday.
Speaking at the Bretton Woods Committee’s annual Future of Finance Forum in Singapore, Dudley said, “I think there's a strong case for 50, whether they're going to do it or not.”
Dudley pointed out that current rates are around 150 to 200 basis points above the neutral rate, where monetary policy is neither restrictive nor accomodative, the report added.
Previously, Dudley had advocated for rate cuts beginning in July.