Fed's Cook: 'At some point' it will be time to cut interest rates

NEW YORK, June 25 - 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.

Cook spoke in the wake of a rate-setting Federal Open Market Committee meeting earlier this month that left in place the 5.25% to 5.5% federal funds rate target. At the meeting, officials also pared back forecasts of rate cuts for this year to one, from the three that were penciled in after the March meeting.

Many in markets are eyeing a September cut as likely, while in remarks earlier on Tuesday, Fed Governor Michelle Bowman said she saw no move this year, noting “right now with the uncertainty of the economic outlook and what the data is telling us, we are in a good place right now to understand how that might evolve."

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