02:48 PM EDT, 09/06/2024 (MT Newswires) -- Fed Governor Christopher Waller (voter) said that it is time for the FOMC to lower rates starting at the Sept. 17-18 meeting, adding that he is open to further and larger rate reductions if the incoming data dictate and that he supports front-loading cuts if needed.

New York Fed President John Williams (voter) said that it is time to consider reducing the restrictiveness of monetary policy over time now that the Fed's inflation and employment goals are in better balance.

Chicago Fed President Austan Goolsbee (nonvoter) said that the August employment data show that the labor market is slowing, saying that the FOMC's challenge is to make sure that it does not become worse. Goolsbee would not comment on the appropriate policy decision at the September meeting.

Recent comments of note:

(Sept. 4) Atlanta Fed President Raphael Bostic (voter) wrote in an essay that he is focused on both sides of the dual mandate now after inflation has been the main issue over the last few years. Bostic said that risks remain to trim rates too early or too late but said that slowing inflation has increased his confidence that it is on the right track toward the 2% goal. He did not indicate whether the FOMC should lower rates or by how much at its Sept. 17-18 meeting.

(Sept. 4) The Fed's Beige Book reported that only three of the 12 Fed districts saw slight gains in economic activity since mid-July and the remaining nine districts reported "flat or declining activity," a clear downshift from a "slight or modest" growth pace in the previous release. While reports of layoffs have been rare, many firms have been deferring new hiring and wage increases due to uncertainty in the outlook.