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Fed Governor Waller Issues Statement Reaffirming Support for Rate Cut Stance
BlockBeats News, January 30th — Federal Reserve Governor Waller released a statement on the Fed's official website, indicating that he dissented at the recent Federal Open Market Committee (FOMC) meeting because he believed that a 25 basis-point cut in the policy rate was the appropriate policy stance. Three rate cuts last year had already brought the policy rate closer to a neutral level, but monetary policy was still restraining economic activity. Economic data also clearly indicated the need for further monetary easing.
Waller stated that the total inflation rate, excluding the impact of tariffs, was close to the Fed's target, slightly above 2%, and the labor market was weak. Therefore, the policy rate should be closer to a neutral level (the median estimate of FOMC members is 3%). "I support lowering the policy rate to boost the labor market and prevent economic deterioration because once deterioration begins, it will be harder to control."
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