Hungarian central banker worries about Fed moves

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Hungary's central bankers are worried that any rapid scaling back of easy-money policies by the U.S. Federal Reserve could lead to an abrupt spike in government borrowing costs, weaken the local currency and force an end to their campaign of interest-rate cuts, a bank rate-setter said.

A sudden move by the Fed and other major central banks "would be dangerous and very unfavorable for markets," said Gyula Pleschinger, a member of the National Bank of Hungary's monetary-policy council in an interview with The Wall Street Journal.

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