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Nobel Prize-winning economist Joseph Stiglitz has called for the Federal Reserve to make a significant rate cut at its next meeting, arguing that the central bank went “too far, too fast” with its recent rate hikes. Stiglitz believes these aggressive moves worsened inflation by exacerbating housing shortages and other economic imbalances.
Speaking ahead of key U.S. jobs data expected on Friday, Stiglitz suggested the Fed should consider a 50-basis-point cut in its benchmark rate during the upcoming September 17-18 meeting. While most analysts predict a 25-basis-point reduction, expectations for a larger cut have risen amid signs of economic cooling, including slowing job growth.
Stiglitz pointed out that while the Fed was right to normalize rates, it has now gone too far, putting the economy at risk. “Raising interest rates doesn’t solve the housing shortage,” Stiglitz said, stressing that the higher costs for real estate developers and homeowners have worsened inflationary pressures.
Currently, the Fed’s interest rate target stands between 5.25% and 5.5%. Stiglitz argued that a bigger rate cut would help curb inflation while supporting job creation. The Fed has not yet commented on these calls for a substantial rate cut.
Market bets on a 50-basis-point reduction have increased recently, with traders pricing in a 41% chance of such a move, up from 34% a week earlier. However, some economists caution that a larger cut could send a signal of panic, potentially destabilizing markets.
Nobel Laureate Joseph Stiglitz Urges Fed To Cut Rates Sharply, Criticizes Aggressive Hikes
Staff reporter
Nobel Prize-winning economist Joseph Stiglitz has called for the Federal Reserve to make a significant rate cut at its next meeting, arguing that the central bank went “too far, too fast” with its recent rate hikes. Stiglitz believes these aggressive moves worsened inflation by exacerbating housing shortages and other economic imbalances.
Speaking ahead of key U.S. jobs data expected on Friday, Stiglitz suggested the Fed should consider a 50-basis-point cut in its benchmark rate during the upcoming September 17-18 meeting. While most analysts predict a 25-basis-point reduction, expectations for a larger cut have risen amid signs of economic cooling, including slowing job growth.
Stiglitz pointed out that while the Fed was right to normalize rates, it has now gone too far, putting the economy at risk. “Raising interest rates doesn’t solve the housing shortage,” Stiglitz said, stressing that the higher costs for real estate developers and homeowners have worsened inflationary pressures.
Currently, the Fed’s interest rate target stands between 5.25% and 5.5%. Stiglitz argued that a bigger rate cut would help curb inflation while supporting job creation. The Fed has not yet commented on these calls for a substantial rate cut.
Market bets on a 50-basis-point reduction have increased recently, with traders pricing in a 41% chance of such a move, up from 34% a week earlier. However, some economists caution that a larger cut could send a signal of panic, potentially destabilizing markets.
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