7 Sep 2023 10:58 am
Fed can 'proceed carefully' with next rate move after recent data - Waller
Federal Reserve Governor Christopher Waller said last week's strong economic data will buy the central bank some time as it mulls whether further interest rate hikes are needed, given that the economy is slowing down as intended.
"That was a hell of a good week of data we got last week, and the key thing is it's going to allow us to proceed carefully," he told CNBC. "We can just sit there, wait for the data, see if things continue."
Waller was referring to last week's nonfarm payrolls report, which showed that 187K jobs were added in August, exceeding the 170K expected. Jobless rate rose 3.8% while average hourly earnings increased just 0.2%.
Meanwhile, PCE inflation - the Fed's preferred inflation gauge - rose less than expected in July and the number of job openings unexpectedly fell.
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Christopher J. Waller is an American economist who is a member of the Federal Reserve Board of Governors since 2020. A nominee of then-President Donald Trump, he was confirmed by the Senate in December 2020, to serve through January 2030.[1][2]
He was previously the research director of and an executive vice president at the Federal Reserve Bank of St. Louis. Waller's research has centered on monetary theory, political economy, and macroeconomic theory.[3
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https://youtube.com/shorts/eJMFGbZw35Q? ... EmVnRhN2-X
https://youtu.be/Vx2Ik1Rckss?si=hz0pAxDaGfytR1Mt
Federal Reserve Governor Christopher Waller said last week's strong economic data will buy the central bank some time as it mulls whether further interest rate hikes are needed, given that the economy is slowing down as intended.
"That was a hell of a good week of data we got last week, and the key thing is it's going to allow us to proceed carefully," he told CNBC. "We can just sit there, wait for the data, see if things continue."
Waller was referring to last week's nonfarm payrolls report, which showed that 187K jobs were added in August, exceeding the 170K expected. Jobless rate rose 3.8% while average hourly earnings increased just 0.2%.
Meanwhile, PCE inflation - the Fed's preferred inflation gauge - rose less than expected in July and the number of job openings unexpectedly fell.
——
Christopher J. Waller is an American economist who is a member of the Federal Reserve Board of Governors since 2020. A nominee of then-President Donald Trump, he was confirmed by the Senate in December 2020, to serve through January 2030.[1][2]
He was previously the research director of and an executive vice president at the Federal Reserve Bank of St. Louis. Waller's research has centered on monetary theory, political economy, and macroeconomic theory.[3
——
https://youtube.com/shorts/eJMFGbZw35Q? ... EmVnRhN2-X
https://youtu.be/Vx2Ik1Rckss?si=hz0pAxDaGfytR1Mt