Investing.com — Federal Reserve Governor Christopher Waller said Monday he was leaning toward supporting an interest rate cut at the December meeting amid expectations for inflation to continued to slow toward the central bank’s 2% target.
“[A]t present I lean toward supporting a cut to the policy rate at our December meeting. 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,” Waller said in prepared remarks at a conference on the Fed’s framework review in Washington sponsored by the American Institute for Economic Research.
The Fed governor acknowledged concerns among colleagues that the slowdown in inflation could be stalling, but pointed to more recent data showing that progress to slow inflation continues.
Still, the decision to back a rate cut at the Dec. 17-18 meeting would “depend on whether data that we will receive before then surprises to the upside and alters my forecast for the path of inflation.”
Looking ahead to data later this week included the nonfarm payrolls report due Friday, the Fed governor said he expected to see a rebound in job gains for November.
Following the hurricane-related hit to job gains in October, Waller said he expects to see a “rebound” in the November employment report.
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