Fed’s Waller Says Jobs Data ‘Requires Action,’ Open to Big Cut

Federal Reserve Governor Christopher Waller said it’s important for the US central bank to begin cutting interest rates this month amid rising risks of further weakening in the labor market.

Waller said he’s also “open-minded” about the potential for a bigger rate cut and would advocate for one if appropriate, according to prepared remarks he’s set to deliver Friday at the University of Notre Dame in Indiana.

“The balance of risks has shifted toward the employment side of our dual mandate,” Waller said, adding that “policy needs to adjust accordingly.”

“The current batch of data no longer requires patience, it ...