Category: Trucking News

Fed’s Bostic Says He Opposed Rate Cut to Preserve Policy Space

(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Federal Reserve Bank of Atlanta President Raphael Bostic said he opposed last week’s interest rate cut because two earlier reductions had provided insurance against global risks and the central bank needed to preserve its ammunition.“We had already done a fair amount of accommodation -- we had moved twice already -- and it was my view we should just let that go and wait and see how it plays out,” Bostic said Friday in a Bloomberg Television interview.Fed officials last week cut interest rates by a quarter-percentage point for a third time this year, to 1.5%-1.75%, the first reductions since the financial crisis. They cited the combination of trade-policy uncertainty, slowing global growth and below-target inflation as rationales for the cuts, which partially unwound more than 2 percentage points of increases...