Former Fed member: no need to lower rates and rely on data

Direct: A former member of the Federal Reserve has said the central bank should no longer cut rates, even if China uses its currency as a commercial weapon.

"I think the Fed should be data-driven, and for the moment, I do not think we have anything like that," Lindsay, the Lindsay group's new president and CEO, told CNBC on Monday. Among the data justifying a reduction in the interest rate. "

"We have a very low unemployment rate and average economic growth of 2.6% in the first half, and it seems that the growth rate has also increased in the second half," Lindsay said.

Lindsay's comments contradict the expectations of investors considering a 100% rate cut next month, as global markets fluctuate sharply as the trade war intensifies and the yuan reaches its lowest level in the world. a decade against the dollar.

In response to the Federal Reserve's rate cut by a quarter point last week, Lindsey said the central bank had decided to cut interest rates because of concerns over the collapse of the Fed. markets.