"Fed's No. 3": The Fed should cut interest rates immediately.

Golden Finance reported that William C. Dudley, former President of the Federal Reserve Bank of New York (who has permanent voting rights in the FOMC and is known as the “third hand” of the Fed), said, “I have long been in the camp of ‘maintaining high Intrerest Rates for a longer period of time’. I believe that in order to control inflation, short-term Intrerest Rates must be kept at or above the current level. But times have changed, and the situation has changed, so I have changed my mind too. The Fed should cut interest rates, preferably starting at the Intrerest Rate meeting next week.”