Federal Reserve Governor Waller: Open to deeper interest rate cuts

On September 6, Federal Reserve Governor Paul Waller said on Friday that the "time has come" to start a series of interest rate cuts this month, adding that he was open to the size and speed of rate cuts. "If the data supports consecutive rate cuts, then I think consecutive rate cuts are appropriate. If the data shows the need for larger rate cuts, then I will also support them." Federal Reserve Chairperson Jerome Powell said at 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 labor market. < b > Waller used the same language, but his remarks were more hawkish and suggested he was willing to start with a significant 50 basis point rate cut. Data released earlier on Friday showed a three-month average of 116,000 new jobs per month. Waller said the data, along with other recent data, "reinforces the view that the job market continues to slow."