"Fed megaphone": Waller did not explicitly mention the rate cut, pay attention to the "if" in the speech

"Fed mouthpiece" Nick Timiraos said in response to Waller's speech that Waller did not explicitly mention a "25" or "50" basis point rate cut in his speech, but preferred to start with a 25 basis point cut, explicitly leaving open the option of accelerating the rate cut "as appropriate" if "new data" showed further deterioration. Waller said: "Based on the evidence I have seen, I don't think the economy is in recession, and it's not necessarily headed for recession." We should pay attention to the "if" in his speech: "'If' the data show that deeper cuts are needed, then I will support it too. When inflation accelerates in 2022, I strongly advocate for an early rate hike, and I would support an early rate cut'if 'appropriate. "" These decisions will be determined by new data. " (May not include today's data) " While I expect rate cuts to proceed cautiously as the economy and employment continue to grow, I stand ready to act quickly if necessary to support the economy in the context of stable inflation. "