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The advances in equities came even in the face of warnings from Federal Reserve policymakers about the risks of cutting interest rates too soon. Vice Chair Philip Jefferson underscored that the Fed needs to be on guard against cutting rates too far in response to falling inflation lest it undermine the achievement of its ultimate goal of price stability. Philadelphia Fed President Patrick Harker emphasized the risks of easing policy too soon while saying it will likely be appropriate to cut this year. And Governor Lisa Cook said she would like to see more progress on inflation before beginning to cut interest rates. Yields on shorter-dated Treasury notes moved higher on the day.
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