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MNI: Fed's Waller 'More Comfortable' With 50 bps in December

(MNI) WASHINGTON

Fed governor seeing some progress on higher interest rates in dampening demand.

Federal Reserve Governor Chris Waller on Wednesday said he was warming up to the idea of slowing the pace of rate interest rate hikes to 50 basis poins at the FOMC's next meeting in December, citing signs of dampening demand that will help bend the steep trajectory of inflation.

A "very welcome" moderation in CPI growth last week and some signs that the labor market may be loosening, along with the "significant, cumulative effect" of having already raised rates aggressively earlier this year, bolster the case for slowing the pace of rate hikes while "continuing to climb," he said.

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Federal Reserve Governor Chris Waller on Wednesday said he was warming up to the idea of slowing the pace of rate interest rate hikes to 50 basis poins at the FOMC's next meeting in December, citing signs of dampening demand that will help bend the steep trajectory of inflation.

A "very welcome" moderation in CPI growth last week and some signs that the labor market may be loosening, along with the "significant, cumulative effect" of having already raised rates aggressively earlier this year, bolster the case for slowing the pace of rate hikes while "continuing to climb," he said.

Keep reading...Show less