NEW YORK - Federal Reserve Governor Lisa Cook said on Tuesday the U.S. central bank is on track for a rate cut if the economy’s performance meets her expectations, but she declined to say when the Fed will be able to act.
Officials have backed away from the prospect of rate cuts after inflation data over the start of the year proved stronger than expected, in turn making it less clear when the Fed would be able to get inflation back down to its 2% target. In her remarks, Cook said “over the past year, inflation has slowed, and labor market tightness has eased, such that the risks to achieving our inflation and employment goals have moved toward better balance.” She said that she expects the trend of weakening price pressures will come back into play before inflation wanes more robustly next year.
ZURICH -Four bankers who helped a friend of Russian President Vladimir Putin move millions of francs through Swiss bank accounts have lost their attempt to overturn convictions for failing to perform due diligence in financial transactions. Zurich High Court on Tuesday upheld an earlier judgement against the men who assisted Sergey Roldugin, a concert violist who has been dubbed "Putin's wallet" by the Swiss government.
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