A strong US economy and mixed inflation data support a more gradual pace of interest rate cuts following a big reduction by the country’s central bank last month, a top official at the Federal Reserve said on Monday.
“I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than was needed at the September meeting,” governor Christopher Waller said in prepared remarks at an event hosted by the Hoover Institution at Stanford University.
The Fed lowered its benchmark interest rate at its last meeting by a larger-than-usual half-point to 4.75-5 per cent, citing a need to “recalibrate” monetary policy in light of retreating US inflation and slower jobs growth.
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