Fed's Waller takes a cautious stance on rate cuts in 2024
Federal Reserve governor Chris Waller expressed on Wednesday evening that he does not feel a sense of urgency to reduce interest rates, despite the presence of higher inflation figures during the initial two months of the year.
Waller expressed his disappointment with the latest inflation numbers, stating that he would prefer to observe a few months of improved inflation data before considering any reductions. He pointed to a strong economy and robust hiring as further reasons the Fed has room to wait to gain confidence that inflation is on a sustained path toward the 2% target.
He further stated that there is ongoing resilience in economic productivity and the employment sector, but the pace of progress in curbing inflation has decelerated. Consequently, considering these indications, there is no urgency to initiate the process of gradually relaxing monetary measures.
The Federal Reserve governor expresses the need for a consistent improvement in inflation data over the next few months to feel sufficiently assured that initiating interest rate cuts will effectively steer the economy towards a 2% inflation target.
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