"Fed mouthpiece" Nick Timiraos said in response to Waller's speech that Waller did not explicitly mention a "25" or "50" basis point rate cut in his speech, but preferred to start with a 25 basis point cut, explicitly leaving open the option of accelerating the rate cut "as appropriate" if "new data" showed further deterioration. Waller said: "Based on the evidence I have seen, I don't think the economy is in recession, and it's not necessarily headed for recession." We should pay attention to the "if" in his speech: "'If' the data show that deeper cuts are needed, then I will support it too. When inflation accelerates in 2022, I strongly advocate for an early rate hike, and I would support an early rate cut'if 'appropriate. "" These decisions will be determined by new data. " (May not include today's data) " While I expect rate cuts to proceed cautiously as the economy and employment continue to grow, I stand ready to act quickly if necessary to support the economy in the context of stable inflation. "