Federal Reserve Governor Christopher Waller said Friday he supported a half percentage point rate cut at this week's meeting because inflation is falling even faster than he had expected.
A week before the Fed meeting, markets were overwhelmingly pricing in a 25 basis point cut.
Along with the decision, individual officials signaled the likelihood of another half point in cuts this year, followed by a full percentage point of reductions in 2025.
Fed Governor Michelle Bowman was the only Federal Open Market Committee member to vote against the reduction, instead preferring a smaller quarter percentage point cut.
"I was a big advocate of large rate hikes when inflation was moving much, much faster than any of us expected," he said.
Persons:
Christopher Waller, Waller, CNBC's Steve Liesman, Michelle Bowman, Bowman, Jerome Powell
Organizations:
Federal, CNBC, Fed, Market, Commerce Department