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Fed's Waller Says Was Planning to Call for Rate Cut Until Oil Shock ...
Fed Governor Waller remains cautious due to Iran conflict and rising oil prices but may support rate cuts if labor market weakens, with a 92,000 job drop noted in February.
- On Friday, Federal Reserve Governor Christopher Waller said he was cautious but still saw potential for rate cuts this year, supporting the Fed's hold decision on CNBC's 'Squawk Box'.
- Amid higher oil and an uncertain war timeline, Waller attributed his caution to the Iran war and surging Brent crude near $107, causing market expectations to reprice since Feb. 28.
- Nonfarm payrolls fell 92,000 in February, prompting Waller to plan a dissent as the FOMC voted 11-1 to hold the benchmark federal funds rate at 3.5%-3.75% while raising the 2026 inflation projection to 2.7%.
- Traders now see December as the earliest likely cut, pricing about a 60% chance, while the Dow dropped 768 points and the SPDR S&P 500 ETF Trust fell 1.36% on elevated inflation concerns.
- Waller said 'It doesn't mean that I'm going to stay put for the rest of the year' and warned 'If we get another 90,000 jobs decline in the next jobs report, that'll be like four negative reports out of five'.
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Fed's Waller Says He Was Ready To Dissent For Rate Cut Until Oil Shock Made Inflation 'More Of A Concern' - United States Oil Fund (ARCA:USO)
Federal Reserve Governor Christopher Waller said Friday he was planning to vote against the central bank’s decision to hold rates steady this week after February’s jobs report showed 92,000 payroll losses. “I thought that’s it, I’m dissenting,” Waller told CNBC’s Squawk Box. But the closure of the Strait of Hormuz and surging crude prices convinced him otherwise. Brent crude traded around $107 Friday morning, up roughly 55% from pre-war levels n…
·New York, United States
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Coverage Details
Total News Sources13
Leaning Left1Leaning Right2Center5Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
13%
C 62%
R 25%
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