Only 'calamity' justifies rate hike - Fed's Poole

William Poole, the president of the St Louis Federal Reserve, said the US economy may weather subprime woes and that only a "calamity" would lead to a rate cut before the next Federal Reserve meeting on September 18.

In an interview with Bloomberg on Wednesday, Poole said: "It's premature to say this upset in the market is changing the course of the economy in a fundamental way."

Poole said it was important that the Fed waited for "some real evidence" before assessing the wider economic impact

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