Former Deputy Director of the White House National Economic Council: The Federal Reserve should strongly consider a 50 basis point cut in September

Former Deputy Director of the White House National Economic Council, Bharat Ramamurti, stated that the Federal Reserve's decision not to cut interest rates in July was "a mistake," and they should "strongly consider the possibility of a 50 basis point cut in September." He said that risks related to price stability and inflation are much more severe than those faced by the job market. "If you look at data on hiring, resignations, and unemployment benefits claims, you'll find evidence suggesting pressure exists in the labor market now. I don't think it will fall off a cliff though. Nevertheless, from all data we've seen so far, it seems like Fed's interest rate is overly restrictive compared to our current inflation rate."