Inflation is coming down in a sustainable way towards the Federal Reserve’s 2% target and it is now time to cut interest rates, New York Fed President John Williams said, on Friday.
Stiglitz said it had been a mistake for the central bank to keep rates so low for so long following the 2008 financial crisis. Now, it is crucially important for the Fed to shift borrowing costs back toward a more normal level.
Oil futures were steady early Friday as investors awaited the U.S. August jobs report, but were on track for a large weekly slide on worries over the outlook for demand.