Fed official says crisis makes rate hike less urgent

09/26/2008 | Reuters

In a sharp departure from recent comments, Richard Fisher, president of the Federal Reserve Bank of Dallas, said the financial crisis is trumping the need for increased interest rates. "The case for a rate rise seemed both less urgent and potentially disruptive given the clear and present danger of an imploding financial system and the considerable downside risks to the economy should that implosion occur," Fisher said in remarks prepared for an upcoming speech.

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