In a speech on 'Prospects for the National and Local Economies: A Monetary Policymaker's View' given on 4 September Robert Parry of the Federal Reserve Bank of San Francisco said in the unlikely event that US economic growth disappoints, the Fed could still cut interest rates. "If the economy were to underperform, we have room to cut rates," Parry told the Northwest Taxable Bond Club in Seattle. But he stressed he thought this was unlikely.

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