Fed Governor Christopher Waller said in an interview with CNBC that the central bank should begin cutting rates at its next meeting, noting that policymakers don’t need to follow a fixed sequence. He suggested that multiple cuts could come “over the next three to six months,” depending on the economic data.
Waller acknowledged that tariffs could lift inflation temporarily, but he expects the effect to fade within six to seven months, allowing inflation to resume its path toward the Fed’s 2% target. Given the recent decline in labor demand, he argued it is appropriate to bring the policy rate—currently at 4.25%–4.50%—closer to the estimated neutral rate of 3%.
He also clarified that while he has spoken with Treasury Secretary Scott Bessent, he has not been interviewed for the Fed chair position and has no meetings scheduled. The Wall Street Journal reported that Bessent will begin interviewing candidates for the role on Friday, keeping leadership questions in the spotlight as policy debates intensify.
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