Fed Governor Waller Says He’ll Vote to Cut Rates in Two Weeks

During a speech at the Money Marketeers of New York University, Federal Reserve Governor Christoper J. Waller said the Fed should reduce rates by 25 basis points during the next Federal Open Market Committee (FOMC) meeting, scheduled for July 29-30.

Waller addressed the concerns about tariffs, calling them “one-off increases” that don’t cause inflation “beyond a temporary surge.”

“Standard central banking practice is to ‘look through’ such price-level effects as long as inflation expectations are anchored, which they are,” Waller said. “A host of data argues that monetary policy should be close to neutral, not restrictive.”

“In the absence of an unanchoring of inflation expectations and an acceleration of wage growth, which we…