Fed Official: ‘We Need to Be Cautious’ on Raising Rates After Bank Failures


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A Federal Reserve official said the central bank should be cautious about raising interest rates so that it can assess the fallout from banking-sector stresses triggered by the collapse of two midsize banks last month.

“At moments like this of financial stress, the right monetary approach calls for prudence and patience,” said Chicago Fed President Austan Goolsbee in a speech prepared for delivery Tuesday to the Economic Club of Chicago.


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