TechFlow News, January 30: According to JINSHI Data, Federal Reserve Governor Christopher Waller stated on January 30 that the current federal funds rate target range stands at 3.50%–3.75%, but monetary policy should move closer to a neutral stance. He estimated the neutral rate to be around 3%. Although economic growth remains solid, the labor market remains weak. Waller expects last year’s weak employment data to be revised downward, reflecting near-zero job growth in 2025. He noted having heard from multiple companies planning layoffs in 2026, leading him to hold a highly skeptical view of employment growth and warning of significant risks of a sharp deterioration in the labor market. On inflation, Waller pointed out that inflation—excluding tariff-related effects—has already approached the Fed’s 2% target and is poised to reach it. While tariffs have pushed inflation higher, he believes monetary policy should disregard these temporary effects, given that inflation expectations have stabilized. Waller cast a dissenting vote at this week’s meeting, advocating for a 25-basis-point interest rate cut, arguing that current policy continues to overly constrain economic activity.
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