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Kansas City Fed's Esther George says the July rate cut was not needed
Kansas City Federal Reserve President Esther George disagrees with the U.S. central bank’s move to cut interest rates last month as the economy is still strong. “My sense was we’ve added accommodation and it wasn’t required in my view,” George told CNBC’s Steve Liesman in an interview that aired Thursday. “With this very low unemployment rate, with wages rising, with the inflation rate staying close to the Fed’s target, I think we’re in a good place relative to the mandates that we’re asked to achieve.” The Fed cut interest rates by 25 basis points at its July meeting, citing “global ... (full story)
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