Risk USA: Rate cuts do not “bail out Wall St”

Speaking at the annual Risk USA conference in New York, Fed governor Frederic Mishkin insisted recent actions taken by the US central bank, including interest rate cuts of 75 basis points over the past two months, were designed to buoy the national economy, not to provide an unwarranted respite for investment banks that suffered record writedowns over the third quarter.

“Pursuing such policies does help financial markets recover from episodes of financial instability, and so it can help lift

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