Fed's Collins: Now is not the time to cut rates

Fed's Collins said Tuesday not to get carried away by recent inflation data. It's too early to conclude whether inflation is making a lasting return to the 2 percent target," Collins said. We shouldn't overreact to one or two months of optimistic news, just as we shouldn't take too many signals from the disappointing data earlier this year." She also said that now is not the time to cut interest rates and that more evidence that price pressures are easing needs to be seen. Nonetheless, Collins believes the economy is likely on track: "I'm optimistic that we can return to price stability in a reasonable amount of time with the labor market remaining healthy." Overall, Collins said, the Fed has made "significant progress" in reducing inflation.