The Chicago Fed president said he's "open minded" on future rate reductions.
The recommendation follows a week of intense upheaval in money markets.
Inflation expectations are on the decline as the Fed shifts towards more accommodation.
N.Y. Fed President John Williams cited a deterioration in U.S. manufacturing.
Three Federal Reserve policy makers voiced their resistance to the notion that the U.S. economy needs lower interest rates.
The Federal Reserve chairman said that the downside risks to the U.S. economy have increased recently.
The Fed is taking steps to make its own workplace and policies more inclusive.
Expectations are growing that the Fed is on a course to cut as soon as its July 30-31 gathering.
Investors have increased bets the Fed will cut interest rates amid ongoing trade tensions.
Many households are in a fragile position financially, even in an economy with an unemployment rate near a 50-year low.
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