A debate is emerging among top Federal Reserve officials about whether to plough forward with another interest rate increase amid diverging opinions over the magnitude of a potential credit crunch stemming from the recent banking turmoil.
Speaking on Tuesday, Austan Goolsbee, president of the Chicago Fed, called for “prudence and patience” in setting monetary policy because it is unclear how much regional banks may pull back on lending following the implosion of Silicon Valley Bank and Signature Bank last month.
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