Fed’s Waller Says Policy Still Restrictive, More Cuts Needed (1)

Federal Reserve Governor Christopher Waller said he dissented from officials’ decision this week to hold interest rates steady because economic data are signaling additional cuts are needed.

“Monetary policy is still restricting economic activity, and economic data make it clear to me further easing is needed,” Waller said Friday in a statement.

Fed officials voted this week to keep their benchmark policy rate in a range of 3.5%-3.75%, citing an improved outlook for the US economy. Waller opposed the decision, preferring a quarter-point cut instead.

The dissent reflects Waller’s view that fragility remains in the labor market. He noted the ...