Story perspectives

Fed Officials Split on Interest Rate Cuts Amid Economic Uncertainty

3/21/2026

Summary

Story summary

Federal Reserve Governor Christopher Waller cautioned against interest rate cuts due to a weakening labor market and rising oil prices from the ongoing war in Iran.
He supported maintaining rates at 3.5% to 3.75% but may advocate for cuts later in 2023 if conditions improve.
Nonfarm payrolls fell by 92,000 in February, while stagnant labor force participation has kept unemployment stable.
Fellow Fed Governor Michelle Bowman anticipates three rate cuts this year, a view shared by only two other policymakers.
Both Waller and Bowman stress the importance of closely monitoring labor market trends and inflation.

1 of 1

Story summary

Federal Reserve Governor Christopher Waller cautioned against interest rate cuts due to a weakening labor market and rising oil prices from the ongoing war in Iran.
He supported maintaining rates at 3.5% to 3.75% but may advocate for cuts later in 2023 if conditions improve.
Nonfarm payrolls fell by 92,000 in February, while stagnant labor force participation has kept unemployment stable.
Fellow Fed Governor Michelle Bowman anticipates three rate cuts this year, a view shared by only two other policymakers.
Both Waller and Bowman stress the importance of closely monitoring labor market trends and inflation.