She was one of two dissenters from the Fed’s July interest-rate cut, and has indicated she will not support further cuts.
Two top Fed officials, Philadelphia Fed President Patrick Harker and Kansas City Fed President Esther George indicated Thursday that they would not support further interest-rate cuts.
George is a voting member of the Fed’s interest rate committee. She didn’t back the Fed July rate cut. U.S. stocks retreated after Harker indicated he did not support stimulus. The Dow Jones Industrial Average DJIA, +0.24% was down 41 points in midday trading. Stocks have been volatile in the past two weeks after signals from the bond market that a recession could be looming. Some long-term bond yields have fallen below short-term bond yields, known as an inverted yield curve. This has been a reliable signal of recession in the past.
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