ChainCatcher reports that William Dudley, who served as president of the Federal Reserve Bank of New York from 2009 to 2018, says that if the risks of rising inflation and a weakening labor market are truly balanced, as Fed officials claim, then the Fed should be looking to move rates closer to neutral. Given that all Fed officials agree that rates are below neutral, and that neutral is below 4%, starting with a 25 basis point rate cut makes no sense. Logically, the Fed should go faster. This is especially true given that last week’s jobs report was not particularly reassuring, as the unemployment rate has risen by 0.5 percentage points since the beginning of the year. (Gold 10)