The Fed should cut interest rates immediately:

Former New York Fed Chairman (with permanent voting rights in FOMC and known as the "third hand" of the Fed) Dudley said: "I have long been in the camp of 'maintaining high interest rates for a longer period of time'. I believe that in order to control inflation, short-term interest rates must be kept at their current or higher levels. However, times have changed, and now the situation has changed, so I have changed my mind. The Fed should cut interest rates, preferably starting at next week's rate meeting."