Fed's Balkin: 25 bps rate cut doesn't matter either way, question is when to change the narrative
Fed's Balkin said he was sure the Fed would discuss at its July policy meeting whether it was still appropriate to characterize inflation as high, and that a 25-basis-point cut in interest rates was irrelevant in any case; the question was when to change the narrative. The best way to maintain credibility is to do the right thing at the right time.
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