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2w ago

Waller Calls for September Rate Cut as Global Peers Defend Fed Independence

Investors expect a Sept. 16–17 quarter-point cut following Fed surveys showing tariff pressures, cooler hiring.

Image
The Marriner S. Eccles Federal Reserve Building in Washington, DC, in June 2023.
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo
Governor of the Bank of England, Andrew Bailey looks on during the Bank of England financial stability report press conference at the Bank of England, in London, Britain August 7, 2025. Jordan Pettitt/Pool via REUTERS/File Photo

Overview

  • Federal Reserve Governor Christopher Waller told CNBC the Fed should cut rates this month and said multiple reductions over the next three to six months are possible depending on incoming data.
  • The Fed’s Beige Book described mostly flat economic activity and employment with modest price increases, and business contacts frequently cited tariffs and uncertainty as headwinds.
  • Atlanta Fed President Raphael Bostic said inflation remains the primary risk but indicated a single 25-basis-point cut this year is likely warranted, noting he is not a voter in 2025.
  • Bank of England Governor Andrew Bailey and ECB policymaker François Villeroy de Galhau warned that White House pressure, including the attempted removal of Governor Lisa Cook, threatens the Fed’s independence.
  • Markets price a widely expected quarter-point move on Sept. 16–17 as Lisa Cook contests her removal in court and nominee Stephen Miran heads to a fast-tracked Senate Banking hearing on Thursday.