02:55 PM EDT, 09/20/2024 (MT Newswires) -- Federal Reserve Governor Christopher Waller (voter) said in an interview with CNBC that inflation is slowing faster than expected, leading him to vote for the 50-basis-point rate cut that the rate-setting committee announced at the Sept. 17-18 meeting, and that the Fed is not behind the curve on reducing rates.

Fed Governor Michelle Bowman (voter) released a statement explaining her dissent at the Federal Open Market Committee meeting, saying that she voted for a smaller 25-basis-point reduction because she did not want the large 50-basis-point cut seen as signaling an end to concerns about inflation.

Recent comments of note:

(Sept. 18) The Federal Open Market Committee lowered the target range for the federal funds rate by 50 basis points to 4.75% to 5% and the updated Summary of Economic Projections points to an additional 50 basis points of reduction this year and 100 basis points of reduction next year. Bowman dissented, preferring a smaller reduction. Revisions to SEP show slower GDP and inflation growth this year and a higher end-of-year unemployment rate than in the previous estimate in June.

(Sept. 18) Fed Chairman Jerome Powell (voter) said that the FOMC can move faster or slower going forward depending on how conditions evolve, but said that decisions will be made meeting-by-meeting and is not on a preset course or needs to follow the forecasts in the SEP.