Fed's weather vane Waller: No rush to cut interest rates, should cut interest rates later or less often

Governor Waller, who has been a recent bellwether for Fed policy, said there is currently no sign of an urgent need to cut interest rates. He stressed that recent disappointing inflation data suggested that rate cuts this year may be delayed or reduced. Waller said he wanted to see "at least a few months of better inflation data" before cutting interest rates. He pointed to a strong economy and employment as further reasons why the Fed has room to wait. "In my view, based on recent data, it would be appropriate to reduce the overall number of rate cuts or delay them into the future," Waller said in prepared remarks to the Economic Club of New York on Wednesday. He added: "I think economic output and the labor market are showing continued strength, while progress in lowering inflation has slowed. Given these signs, I don't think there is any rush to take steps to start easing monetary policy." Waller used the word "no rush" four times during his speech, including in the title of his transcript. (Golden Ten)