Former Fed "Hawk" Brad: A rate cut in March is wise

Former St. Louis Fed President Brad recently stated that he believes the Federal Reserve should cut interest rates at its next meeting (March), taking preemptive action to prevent its policy stance from overly suppressing economic activity later this year. Two years ago, Brad was a major advocate for rapid rate hikes, and just last summer, he warned of the need for further rate increases. But now he says it makes sense to lower rates as inflation has fallen below 3% according to the Fed's preferred indicators and is moving towards a 2% target. "I think they should take action," he said after speaking at a conference of the National Association for Business Economics in Washington. "A wiser approach might be to act earlier but move slower."