Federal Reserve Governor Christopher Waller on Wednesday called for an immediate interest-rate cut, arguing that inflation is cooling and the labor market is weaker than it appears—bolstering the Trump administration’s case that the economy needs looser monetary policy despite recent tariff hikes.
Speaking at a Manhattan Institute event in New York, Mr. Waller said he supports a 25 basis point reduction in the federal funds rate at the central bank’s meeting later this month. He cited slowing economic growth, weakening private-sector job creation, and inflation readings that he described as close to target once the effects of tariffs are…
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