What do you believe is the single most important factor driving up the cost of living in Nigeria?

Christopher Waller, a member of the Federal Reserve Board of Governors, during a Fed Listens event in Washington, D.C., on Sept. 23, 2022.

Federal Reserve Governor Christopher Waller on Monday signaled that future interest rate cuts will be less aggressive than the big move in September as he expressed concern that the economy could still be running at a hotter-than-desired pace.

Citing recent reports on employment, inflation, gross domestic product and income, the policymaker indicated that "the data is signaling that the economy may not be slowing as much as desired."

"While we do not want to overreact to this data or look through it, I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than was needed at the September meeting," Waller said in prepared remarks for a conference at Stanford University.

The Federal Open Market Committee at its September meeting took the unusual step of lowering its baseline interest rate by a half percentage point, or 50 basis points, to a target range of 4.75% to 5.00%. In the past, the Fed has only done that during times of crisis, as it prefers to move in increments of a quarter percentage point, or 25 basis points.

Along with the cut, officials indicated the likelihood of another half point lopped off in the final two meetings of 2024, along with another full percentage point of cuts in 2025. However, Waller did not commit to a specific path ahead.

• Read More