Fed's Cook says cautious approach needed to policy easing

Watch onWASHINGTON - The U.S. central bank needs to proceed carefully as it decides when to begin cutting interest rates, Federal Reserve Governor Lisa Cook said on Monday, citing, as many of her colleagues have, the rough balance now between the dangers of easing monetary policy too soon and those of moving too slowly.

Cook's remarks did not indicate when she thinks an initial rate cut might be appropriate or the pace at which she thinks the Fed should proceed once it decides to lower its benchmark overnight interest rate. Cook said she expects inflation to continue to ease for housing, a key part of price increases that have of late been declining slower than last year. The personal consumption expenditures price index excluding food and energy prices increased at a 2.8% annual rate in January, and in their most recent projections Fed officials saw that declining only to 2.6% by the end of this year.

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