According to Odaily, analyst Cameron Crise noted that the highly anticipated speech by Waller caused market fluctuations. One of the notable statements was his willingness to support strong action or early rate cuts if necessary. However, the market overlooked the significance of the word 'if' in his statement. Waller spent a considerable portion of his speech explaining why he remains optimistic about the continued expansion of the economy, why the Sam rule is descriptive rather than predictive, and how the type of shock that typically triggers a recession has not yet occurred. He indicated that more data is needed to determine the extent and pace of easing, suggesting that policymakers have not yet decided on the level of aggressiveness. Combining these remarks with earlier comments from Williams, there is still no convincing evidence that the FOMC will cut rates by 50 basis points. Additionally, Waller mentioned that during a series of rate cuts by the Federal Reserve, he believes there is enough room to lower policy rates while still maintaining some degree of restriction to ensure inflation continues towards the 2% target. This is reflected in employment data, and to some extent, the initial market reaction seemed somewhat exaggerated.