Former Fed Gov. Clarida and Pimco global economic advisor
Former Fed Gov. and PIMCO global economic advisor Richard Clarida is on CNBC says:
- Feds stance is dovish despite perceived hawkishness
- Earliest practical time for rate cut is September.
- PIMCO's base case is for one cut this year in December
- Characterizes the May inflation data as welcome news for the Fed
- Says that Fed officials need a string of good inflation news to cut rates
