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MNI BRIEF: Fed’s Waller-50BP Cut Reflects Rapid Inflation Drop

Waller tells CBNC the Fed could stay aggressive if labor market weakens or inflation is softer than expected.
USCentral Bank NewsPolicy NewsHomepageFederal ReserveEM Policy NewsEM BriefBriefGlobalStoryRegionNorth America

MNI (WASHINGTON) - Federal Reserve Governor Christopher Waller said Friday the central bank's 50 basis point rate cut this week was justified by inflation falling faster than policymakers had foreseen, and said policymakers would not hesitate to keep cutting aggressively if the economy weakens. 

"Inflation is softening much faster than I thought it was going to," Waller told CNBC in an interview. "The economy is strong, inflation is coming down and therefore it’s time to cut. If the data starts coming in soft and continues to come in soft I would be much more willing to be aggressive on rate cuts to get inflation closer to our target of 2%."

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MNI (WASHINGTON) - Federal Reserve Governor Christopher Waller said Friday the central bank's 50 basis point rate cut this week was justified by inflation falling faster than policymakers had foreseen, and said policymakers would not hesitate to keep cutting aggressively if the economy weakens. 

"Inflation is softening much faster than I thought it was going to," Waller told CNBC in an interview. "The economy is strong, inflation is coming down and therefore it’s time to cut. If the data starts coming in soft and continues to come in soft I would be much more willing to be aggressive on rate cuts to get inflation closer to our target of 2%."

Keep reading...Show less