Dudley, the former chairperson of the New York Federal Reserve, said he himself turned from hawk to dove two weeks ago, abandoning support for further Fed rate hikes and instead advocating an immediate rate cut to avoid a recession. The longer the Fed waits, the more likely the potential damage will be after more evidence of a weakening US labour market and further moderation in inflation in the past two weeks. Fed members' estimates of the neutral rate range between 2.4% and 3.8%, which is...