Fed's Lacker "unconvinced" of need for cut

Jeffrey Lacker, the president of the Richmond Federal Reserve, intimated that he was not yet convinced of the necessity for a cut in the Fed's overnight policy rate, and said that, although he would back a cut if necessary, he remained wary of inflation.

In an interview with Reuters yesterday, Lacker said that he thought the downside risks had increased since the beginning of last month, but that his forecast remained " for positive growth for the rest of the year, somewhat below trend".

He felt

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