Steve Englander, global head of G10 FX research and North American macro strategy at Standard Chartered in New York, said recent US economic data did not provide a compelling case for a 50 basis point rate cut at the upcoming FOMC meeting. A 50 basis point cut but a bad decision could be worse than a 25 basis point cut but a bad decision. The reason for the 25 basis point cut is that the forthcoming inflation data does not support a rapid approach to the 2% inflation target. At the same time, the recent rise in unemployment also shows a worrying deterioration in the economy.