July 19, 2019 / 10:51 PM / in a month

Fed's Rosengren: Policymakers must do what is 'right' for the U.S. economy

July 19 (Reuters) - Boston Federal Reserve Bank President Eric Rosengren on Friday said that he and his fellow policymakers should to do what’s “right” for the economy, even if it is not necessarily what financial markets want.

Rosengren made the comments after traders on Thursday priced in an aggressive half-percentage point interest rate cut, and then reversed that bet after the New York Fed hinted that comments from its influential chief about acting aggressively to counter a possible downturn may have been misconstrued as guidance for the outcome of Fed’s July policy meeting.

Rosengren said earlier on Friday he did not see the need for a U.S. rate cut at the meeting. (Reporting by Trevor Hunnicutt in New York, writing by Ann Saphir, editing by G Crosse)

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