Fed hawkish official Bullard: inclined to cut interest rates in December

On December 3rd, Federal Reserve Board member Waller said that he is inclined to support a rate cut at the Fed meeting later this month, but also indicated that he may be open to maintaining the Intrerest Rate. In his prepared remarks for a meeting in Washington on Monday, Waller said, "Policy still has sufficient restraint, and further easing at the next meeting will not significantly change the monetary policy stance, leaving enough room to slow the pace of easing when necessary to maintain progress towards the inflation target." Waller said he was concerned about slightly higher-than-expected inflation data in the past two months. He likened himself to a mixed martial arts fighter, "always holding inflation by the throat, waiting for it to make a move, but it always slips away from me at the last moment." He said the Fed would not let inflation accelerate again. "Surrender is inevitable, inflation has not yet left the octagon," he said. Waller said that despite stubborn inflation in recent months, economic data and forecasts indicate that inflation will return to the Fed's 2% target.
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