Fed Governor Waller hints at willingness to start with 50 basis points rate cut

Fed Governor Waller said on Friday that the "time has come" to begin a series of rate cuts this month, adding that he was open to the size and pace of the cuts. "If the data supports successive rate cuts, then I think successive rate cuts are appropriate. If the data indicates that a larger rate cut is needed, then I will also support it." Fed Chairman Powell said at the annual meeting of global central banks two weeks ago that the "time has come" to ease policy given progress in inflation and a cooling labor market. Waller used the same wording, but his remarks were tougher and suggested he was willing to start with a sharp 50 basis point rate cut. Data released earlier on Friday showed that the average number of new jobs added per month in three months was 116,000. Waller said that this data, together with other recent data, "reinforces the view that the job market continues to slow." (Jinshishu)