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St. Louis Fed President James Bullard issued the opening salvo in the Fed's capitulation to the market on Monday, saying an interest rate cut "may be warranted soon."

What he said: Bullard, a voter this year on the Fed's rate-setting committee, cited the rising risk of global trade tensions and weaker-than-expected inflation as reasons he could favor cutting U.S. overnight interest rates.

  • Lowering rates soon could "help recenter inflation and inflation expectations," he said. It could also "provide some insurance in case of a sharper-than-expected slowdown."
  • The Fed "faces an economy that is expected to grow more slowly going forward, with some risk that the slowdown could be sharper than expected due to ongoing global trade regime uncertainty," Bullard said, according to a transcript of his speech in Chicago.

What he didn't say: Ignoring commentary from Fed Chair Jerome Powell and other FOMC policymakers so far this year who insist the Fed plans to hold rates steady, the bond market and Fed fund futures have been pricing in multiple rate cuts by year-end.

Between the lines: If the Fed does cut rates this year — some analysts predict it will be as early as September — it would add further fuel to the fire of Fed critics who say the stock market is dictating U.S. monetary policy.

Flashback: The Fed had signaled it planned to raise U.S. interest rates 3 times this year as recently as November.

Go deeper: Fed leaves rates on hold as political pressure ramps up

Go deeper

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.

3 hours ago - Health

Moderna says COVID vaccine shows strong immune response in kids

Photo: Martin Galindo/Long Visual Press/Universal Images Group via Getty Images

Moderna on Monday released trial results for its coronavirus vaccine for children aged 6 to 11, saying it provides a "robust" immune response after two doses.

Why it matters: Moderna said it will officially submit the results to the Food and Drug Administration for authorization in "the near term," meaning we could soon see two coronavirus vaccines available to protect approximately 28 million more kids in the U.S.

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