Fed governor and possible Powell successor calls for rate cut
Christopher Waller, one of the governors of the US Federal Reserve, urged the central bank on Thursday to lower its benchmark interest rate at the next monetary policy meeting scheduled for September 16–17.
Speaking in Miami, Waller expressed regret that no rate cut was made in July but stressed that action in September could help stabilize the labor market while guiding inflation back toward the Fed’s 2% target. “Let’s do it,” he insisted.
During the previous meeting in late July, Waller and Vice Chair Michelle Bowman supported a rate cut, but the majority of board members favored maintaining the status quo.
Waller, an economist by training, is also among the figures mentioned as a potential successor to current Fed Chair Jerome Powell. His name is gaining visibility as President Donald Trump, who will appoint the next Fed chief, has been pushing publicly for looser monetary policy.
Although in favor of a rate cut in September, Waller said he does not believe a reduction greater than a quarter point is necessary—unless the US employment report, due on September 5, shows significant economic deterioration.
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