Fed’s Logan says this week’s rate cut was not needed, opposes one in December

(Reuters) -The U.S. central bank should not have cut interest rates this week and should not do so again in December, Dallas Federal Reserve President Lorie Logan said on Friday, citing a ‘balanced’ labor market in no immediate need of support and inflation that looks likely to stay above policymakers’ 2% goal for too long.

“This economic outlook didn’t call for cutting rates,” Logan said in remarks prepared for delivery to a Dallas Fed banking conference. “I did not see a need to cut rates this week. And I’d find it difficult to cut rates again in December unless there is clear evidence that inflation will fall faster than expected or that the labor market will cool more rapidly.”

Logan’s remarks follow the Fed’s decision on Wednesday to lower its policy rate for a second time this year