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Goldman Sachs CEO David Solomon said the Federal Reserve won’t make emergency rate cuts before the central bankers meet in September, despite Monday’s Wall Street meltdown over heightened risks of a recession.Some noted economists had called on Fed Chair Jerome Powell to immediately slash decades-high interest rates after the Dow nosedived more than 1,000 points Monday.
The rule says that first phase of a recession has begun when the three-month moving average of the US unemployment rate is at least half a percentage point higher than the 12-month low.Friday’s data showed the unemployment rate hit 4.3% in July, putting the three-month average at 4.1%. That compares to the lowest level over the last year which was 3.5%.
“The best case is they start easing gradually, ahead of time. So what I talk about is the risk , and I still feel very strongly that this risk is there,” she said.Goldman Sachs CEO David Solomon predicted the Federal Reserve won’t make emergency rate cuts, after Fed Chair Jerome Powell announced the committee’s choice to keep rates unchanged last week., Sahm argued that her rule “joins a long list of economic tools skewed by the unusual disruptions of the past four and a half years.
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