Bill Dudley, Columnist

Maybe the Fed Shouldn’t Be Cutting Interest Rates

When the outlook is this uncertain, acting pre-emptively can be a big mistake.

October 3, 2025 at 10:30 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.

Think again.
Photographer: Sophie Park/Bloomberg

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Should the US Federal Reserve keep cutting interest rates? Markets certainly think it will: Futures prices suggest the federal funds rate will fall to about 3% by the end of 2026, from just above 4% now.

I’m not so sure that would be a good idea.