WASHINGTON (AP) — A top Federal Reserve official said Monday that he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but
FILE - Federal Reserve Board of Governors member Christopher Waller poses on May 23, 2022, in Washington. WASHINGTON — A top Federal Reserve official said Monday that he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view.
“At present, I lean toward supporting a cut to the policy rate at our December meeting,” Waller said in his remarks to a conference held by the American Institute for Economic Research. “But that decision will depend on whether data that we will receive before then surprises to the upside and alters my forecast for the path of inflation.”
With inflation having steadily fallen from its peak in 2021, the Fed reduced its key rate by a half-point in September and by a quarter-point in November. And it signaled in September that it expected to announce another quarter-point cut this month. Yet inflation has remained above the Fed’s target level, clouding the Fed’s next step.
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