No need for the Fed to enter 'panic mode' and cut rates now, says Moody's

Economic data in the U.S. don't justify an interest rate cut by the Federal Reserve — despite recent calls for the American central bank to do so, said Mark Zandi, the chief economist at Moody's Analytics.

Their comments came after the Fed's latest decision to hold rates steady as it cut the central bank's forecasts for U.S. economic expansion and inflation. The central bank also warned of slowing growth in Europe and China. "I'm not sure why the Fed needs to go into panic mode here," he said. He pointed to the latest data that showed the U.S. economy was still healthy: Unemployment rate was close to a 50-year low, wage growth was strong, inflation inched closer to the Fed's target of 2 percent and the stock market looked like it could hit record levels again.

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