Federal Reserve Governor Waller: Open to deeper interest rate cuts
Federal Reserve Governor Paul Waller said on Friday that the "time has come" to start a series of rate cuts this month, adding that he was open to the size and speed of the cuts. "If the data supports a series of rate cuts, then I think a series of rate cuts is appropriate. If the data shows that a larger rate cut is needed, then I will also support it." Federal Reserve Chairperson Jerome Powell told the annual meeting of global central banks two weeks ago that the "time has come" to ease policy given progress in inflation and a cooling labour market. Waller used the same language, but his remarks were more hawkish and hinted that he was willing to start with a significant 50 basis point rate cut. Data released earlier on Friday showed that the three-month average of monthly job creation was 116,000. Waller said the data, along with other recent data, "reinforces the view that the labor market continues to slow."