The latest heavyweight news from the Federal Reserve on September 7!
One of the most influential senior officials of the Federal Reserve, Governor Waller, recently mentioned the possibility of a "front-loaded" rate cut. If the data shows that a larger rate cut is needed, then he will support it.
On September 6, Eastern Time, Federal Reserve Governor Waller said that given the continued progress in inflation and the cooling of the labor market, it is time to lower the target range of the federal funds rate.
Waller did not specify how much he thought the Fed should cut interest rates and how often they should be cut. He said that determining the pace of rate cuts and the overall reduction in the final policy rate are decisions to be made in the future. If appropriate, it will advocate "front-loaded" rate cuts and be open to the intensity and speed of rate cuts.
For the labor market, which is highly concerned by the market, Waller pointed out that the US job market continues to soften, but it has not deteriorated. The unemployment rate has risen, mainly due to an increase in the labor supply. Compared with the inflation problem, the risks facing employment are more prominent.
In terms of inflation, Waller believes that it is on the right track to reach the Fed's 2% inflation target. Waller also said that the U.S. economy is neither in recession nor expected to go into recession.
For Waller's latest speech, Nick Timiraos, a well-known financial journalist known as the "New Fed News Agency", analyzed that his speech did not explicitly mention 25 or 50 basis points. He tends to support a 25 basis point rate cut at the beginning, and explicitly retains the option of accelerating the rate cut in a timely manner when new data shows further deterioration.
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