US EditionA Top Fed Official, Considered a Candidate to Replace Powell, Keeps Calling for a Rate Cut This Month
UNITED STATES, JUL 17 – Fed Governor Christopher Waller cited slowing GDP growth near 1% and weakening labor market as reasons to cut rates 25 basis points at July's Federal Open Market Committee meeting.
- On Thursday, Fed Governor Christopher Waller urged a 25 basis point rate cut at the July 29-30 policy meeting, citing downside risks to the economy.
- At the June 17-18 meeting, minutes showed limited support for a July cut, while Fed Vice Chair Michelle Bowman had said such cuts could begin as soon as July.
- Waller painted 'a picture of a labor market on the edge', noting private sector hiring 'near stall speed' and GDP growth around 1%.
- Other Fed officials noted there are only 12 FOMC voters, so support remains insufficient, this stance diverges from Chair Jerome Powell, who has faced White House criticism for delaying cuts, and with only 12 FOMC voters support remains insufficient.
- He warned that delaying cuts until September could leave policy behind the curve, and that a July easing could pave the way for further reductions.
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47 Articles
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Fed officials grow more outspoken—and split—over interest rate cuts
Federal Reserve governor Christopher Waller called for a July rate cut again on Friday. Other Fed officials like New York Fed president John Williams and Boston president Susan Collins said July was too early to lower rates because the extent of inflation from tariffs wasn’t clear yet. As the U.S. economy navigates that hazy outlook, Fed officials are trying to figure out whether to cut rates to avoid a rise in unemployment or to maintain them b…
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