📍 Fed Waller: Monetary policy remains in a tightening stance

📌 Mr. Waller believes that the current policy stance remains hawkish, even though the Fed has begun a rate-cutting cycle. Specifically, he estimates that the current policy rate is still about 100bps above the neutral level, indicating room for further cuts next year.

📌 He wants the Fed to lower interest rates to help improve the labor market and support economic prospects in 2026. But Waller also emphasized that "there is no pressure to cut aggressively."

📌 Emphasizing the importance of the Fed's independence.