Last week, Fed Governor Christopher Waller said recent economic numbers have made him push back his expectations for when rate cuts would be warranted.

“Adding this new data to what we saw earlier in the year reinforces my view that there is no rush to cut the policy rate,” he said in a speech at the Economic Club of New York. “Indeed, it tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%.”

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