off-the-wire

Fed's Waller: Labor market weak, but Fed should move in cautious quarter-point cuts - CNBC

Kitco Media
By Reuters
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Reuters
Fed's Waller: Labor market weak, but Fed should move in cautious quarter-point cuts - CNBC teaser image

WASHINGTON, Oct 10 (Reuters) - U.S. Federal Reserve Governor Christopher Waller said private data shows the job market remains weak and buttresses the case for further rate cuts, but added the central bank need only move in "cautious" quarter percentage point steps as it evaluates the economy.

Private data, like the recent report from data processor ADP showing the economy lost jobs in September, "are not really representative ... but they are all telling the same story. The labor market is weak," Waller said on CNBC's Squawk Box. "We need to cut rates. But we need to be kind of cautious about it ... Do 25 (basis points), keep going, see how it goes."

Editing by Alison Williams

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