deVere Group: The Fed should urgently cut interest rates now

Nigel Green of deVere Group said in a report that it would be a dereliction of duty if the Fed did not cut rates soon and waited until the next meeting in September. An unexpected rise in the U.S. unemployment rate last Friday was behind the downward pressure on stock index futures, the dollar and U.S. Treasury yields. Green called for a 25 basis point rate cut now, while other analysts suggested an emergency rate cut of up to 75 basis points to avoid a recession. The Fed "needs to act now... Otherwise there may be a far-reaching risk of a hard landing." (Jinshi)