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Fed’s Waller calls for rate cuts as labor market cools
US Fed Governor Christopher Waller suggests cutting interest rates in July. He argued this move is needed to support the economy as the labor market shows signs of cooling. Since inflation is close to target, and unlikely to surge, lowering borrowing costs sooner makes sense, he argues.
As Waller notes, labor market data shows slowing job and wage growth. Delaying rate cuts further could worsen labor conditions, making it harder for the regulator to meet its goals. The economy increased just 1% in the first half of the year, and Waller expects it to slow further.
Though most Fed policymakers want to hold rates steady over tariff-inflation fears, Waller calls this a short-term issue and urges immediate cuts. He says future decisions will depend on new data, but stresses the need to act early to prevent deterioration.
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