Fed's Bullard, explaining dissent, says U.S. manufacturing appears 'in recession'
WASHINGTON (Reuters) - The U.S. manufacturing sector “already appears in recession” and overall economic growth is expected to slow “in the near horizon,” St. Louis Federal Reserve Bank President James Bullard said on Friday, explaining why he dissented at a recent Fed meeting and wanted a deeper, half percentage point rate cut.
The Fed reduced its target overnight policy rate by a quarter of a percentage point on Wednesday, to a level of between 1.75% and 2.0%, to offset slowing global growth and risks associated in part with President Donald Trump’s trade battles with China.