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[Global Finance] Fed Governor Waller: The Fed is “in no rush” to cut interest rates

2024-03-29

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Federal Reserve Governor Christopher Waller said on the 27th that recent disappointing inflation data provided the Fed with a reason to delay an interest rate cut, but did not rule out the possibility of an interest rate cut later this year.

Waller said in a speech at the Economic Club of New York that day that the Fed is currently "in no hurry to lower policy interest rates." Recent data "tells me that prudence in keeping interest rates at their current restrictive stance, perhaps for longer than previously thought, will help keep inflation on a sustainable track of 2 percent."

However, Waller did not rule out the possibility of a rate cut within the year. He noted that if inflation makes further progress, it "becomes appropriate" for the Fed to begin lowering the target range for the federal funds rate this year, but it may take several months of easing inflation data to give the Fed the confidence to cut interest rates. Until then, a strong economy will give the Fed room to assess the economy's performance. "Based on recent data, it would be appropriate to reduce the number of overall rate cuts or to postpone them into the future."

After the Federal Reserve concluded its March monetary policy meeting, it announced that it would maintain the target range for the federal funds rate at 5.25% to 5.5%. Most Fed officials expect to cut interest rates three times this year, with a total rate cut of 75 basis points. Waller, one of the officials who is skeptical of recent interest rate cuts, believes that the economy is growing rapidly amid strong labor market growth and the Fed should not rush to ease policy.

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[Global Finance] Fed Governor Waller: The Fed is “in no rush” to cut interest rates

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