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Fed could cut interest rates in 2024, Williams says

New York Federal Reserve President John Williams on Monday declined to say how fast and how far he believes the U.S. central bank will need to raise interest rates over coming months but reckons a rate cut is possible in 2024 as inflation pressures ease.

"I do think we're going to need to keep restrictive policy in place for some time; I would expect that to continue through at least next year," Williams said at a virtual event held by the Economic Club of New York, noting that borrowing costs need to rise to bring down inflation that is far too high. "I do see a point probably in 2024 that we'll start bringing down nominal interest rates because inflation is coming down."



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