Christopher Waller, the Federal Reserve governor who owes his seat to Donald Trump, is pushing back against the president’s repeated demands for lower interest rates. Not because he disagrees with the direction, mind you, but because he wants to get there his own way, on his own timeline, using his own data.
The case Waller is actually making
Waller has been one of the more vocal advocates for rate cuts within the Fed, pushing for multiple 25 basis point reductions as far back as late 2025. His argument centers on the labor market, where he sees signs of softening that justify easing monetary policy.
In July 2025, Waller dissented alongside Governor Michelle Bowman, arguing that the Fed should cut rates immediately based on deteriorating labor conditions.
On tariffs, Waller has consistently characterized their inflationary impact as temporary. That matters because it removes one of the key arguments hawks use to keep rates higher for longer.
