Fed Governor Waller backs December rate cut: 'No evidence' labor market is rebounding
Federal Reserve Governor Christopher Waller joins Gxstocks’ Edward Lawrence for an exclusive interview where he signals support for another quarter-point rate cut in December as inflation cools and the labor market weakens.
Federal Reserve Governor Christopher Waller said Monday that he recently met with Treasury Secretary Scott Bessent to discuss the nation’s economic outlook, amid growing speculation he could be chosen to lead the central bank.
"I talked to Scott about 10 days ago and we had a great meeting," Waller told Gxstocks Network's Edward Lawrence. Waller added that the conversation was "straight about economics" and that his discussions with the administration have "never been political."
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Christopher Waller, governor of the U.S. Federal Reserve, has previously called for rate cuts, a move that aligns, in part, with President Donald Trump. (Al Drago/Bloomberg via Getty Images)
When asked what Bessent is seeking as he helps narrow President Donald Trump’s list of potential Federal Reserve chairs, Waller said he believes "they’re looking for somebody with merit, experience and a strong grasp of the job, and I think I fit that bill."
Bessent, who has been interviewing candidates since Labor Day, has previously said that he wants to "see people who are forward-looking, not backward-looking on regulation," get the Fed chair job.
Treasury Secretary Scott Bessent has been interviewing candidates for President Donald Trump since Labor Day. (Anna Moneymaker/Getty Images)
Federal Reserve Chairman Jerome Powell, appointed by Trump in 2017, is slated to complete his term in May 2026. Trump has placed the blame squarely on Powell for not cutting interest rates fast enough during his presidency.
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Last week, Trump said in a bilateral meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman that he was looking forward to installing a new chairman to helm the U.S. central bank.
Federal Reserve Chair Jerome Powell was appointed by Trump in 2017. (Jim Watson/AFP/Getty Images / Getty Images)
Of Trump's potential candidates to succeed Powell, Waller is considered the veteran academic of the group. He has also reiterated the importance of maintaining an independent Federal Reserve.
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Waller has repeatedly called for rate cuts, a move that aligns, in part, with Trump's demands.
Waller cited a slowdown in consumer spending and gains in the job market, settling for reasons to cut rates. Addressing Trump's trade blitz, Waller said the Fed should "look through tariff effects," adding that the impact on inflation rates will be temporary.
