Dudley, the former chairman of the New York Fed, said that two weeks ago, he himself turned from hawkish to dovish, abandoning support for further Fed rate hikes in favor of an immediate rate cut to avoid a recession.。In the last two weeks, there has been more evidence of a weakening U.S. labor market and a further slowdown in inflation, after which the longer the Fed waits, the greater the likelihood of potential damage.。Fed Members Estimate Neutral Rate Between 2.4% and 3.between 8%, which means that currently 5.The 3% effective federal funds rate is a long way from neutral。Once a recession becomes a reality, the Fed needs to cut interest rates to 3% or less。The Fed is expected to cut rates by 25 or 50 basis points at its September meeting.。