Federal Reserve Governor Christopher Waller said concerns about private-sector hiring have fueled his call for the central bank to cut interest rates this month. "The private sector is not performing as well as everyone thought," Waller said Friday in an interview on Bloomberg Television.
The monthly employment report for June, released on July 3, showed a sharp slowdown in private-sector job growth and a slowdown in wage growth, even as the unemployment rate declined slightly.
His comments followed a speech he delivered Thursday in New York in which he argued that with limited inflation risks, the U.S. central bank should lower borrowing costs before the labor market begins to deteriorate. Waller declined to say whether he would dissent if his fellow policymakers did not cut rates when they gather on July 29-30 in Washington. (alg)
Source: Bloomberg
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