The Fed: Former top Fed official calls for world’s two most important central banks to pause plans to raise interest rates

The Federal Reserve and the European Central Bank should pause their plans to raise interest rates until banking stress recedes, a former top Fed official said Wednesday.

“If you ask me, and I was sitting on the Fed now, I’d want to pause. Let this thing shake out,” said Alan Blinder, a former Fed Vice Chair and an economics professor at Princeton University, said on Bloomberg Television.

The…