Maintaining growth motivated cut - Fed's Kohn

A 50 basis point cut was necessary to keep the economy on a sustainable growth pace, said Donald Kohn, the vice chairman of the Federal Reserve.

Speaking in Philadelphia on Friday, Kohn said that there were strong arguments in favour of a 50, rather than 25, basis point cut at the time of the last Federal Open Market Committee meeting on 18 September. He said that, at the time, "it seemed that a decrease of that size could well be necessary to promote moderate growth."

"We had been holding

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