Comments by Cleveland Fed president, Loretta Mester
It says quite a bit when one of the more hawkish members on the committee also voted in favour of a 50 bps rate cut, but I guess they need to show some form of unity when making an emergency decision.
Either way, it doesn't look like it will be too long before they get bullied into another 50 bps rate cut ahead of the 18 March meeting:
A 25 bps rate cut is all but priced in and an additional 25 bps rate cut is ~70% there now.
