US Federal Reserve member Christopher Waller expressed his support for a quarter-point interest rate cut in December, considering it a necessary step to support the slowing labor market and protect consumers from the impact of restrictive monetary policy.
Waller explained, during remarks he made in London, that economic evidence points to a slowdown in the pace of employment, while inflation remains relatively under control, noting that the price increases resulting from tariffs are likely to be short-term.
He added: "I fear that restrictive monetary policy is weighing heavily on the economy, especially on low- and middle-income earners," stressing that the December cut would act as an "insurance" against further weakness in the labor market and would bring monetary policy closer to the appropriate neutral level to support sustainable growth.
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