Bill Dudley, Columnist

I Changed My Mind. The Fed Needs to Cut Rates Now.

Waiting until September unnecessarily increases the risk of a recession.

July 24, 2024 at 9:30 AM UTC

Bill Dudley is a Bloomberg Opinion columnist. A former president of the Federal Reserve Bank of New York, he is a member of Coinbase Global's advisory council.

Time for a new direction.
Photographer: Nathan Howard/Getty Images

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I’ve long been in the “higher for longer” camp, insisting that the US Federal Reserve must hold short-term interest rates at the current level or higher to get inflation under control.

The facts have changed, so I’ve changed my mind. The Fed should cut, preferably at next week’s policy-making meeting.