Former NY Fed President Sees Easing Financial Conditions Supporting Growth. Welcome to Central Bank Central. I'm Kathleen Hays. So the rate cut debate is hotter than ever. One side, of course, saying inflation is down sharply from the highs. Maybe the road down is bumpy, but it's still trending lower. Rates are too restrictive. It's time to start cutting. On the other side,The labor market, that's what the other camp says, it doesn't look like it's weakening. In fact, sometimes it looks like it's getting stronger. We've got three-month annualized CPI numbers starting to accelerate again. It could be a mistake to start cutting rates now. So I brought in a very special guest to help walk us through that and give us his views. Because he's been there, done that, I'm talking about Bill Dudley. He's former president of the Federal Reserve Bank of New York.