Fed officials call for patience on rate cuts

Joint stand: Musalem (left) and Williams at a monetary policy conference in Palo Alto, California. The duo are of the view that conditions could take months to play out and sidestepped offering a specific time frame for the timing of a rate reduction. — Reuters

WASHINGTON: A chorus of US Federal Reserve (Fed) officials emphasised the need for more evidence of cooling inflation before lowering interest rates, with a couple policymakers offering insight into the potential timing of such a move.

Fed governor Adriana Kugler on Tuesday said it will likely be appropriate for the central bank to cut rates “sometime later this year” if economic conditions unfold as she anticipates.