The Federal Reserve Governor Christopher Waller stated that he agreed at the September meeting that it was appropriate to readjust the federal funds rate, but he leaned toward a smaller initial rate cut. Waller expressed concern that a larger policy action by the Fed could be prematurely interpreted as a declaration of victory over inflation. He noted that spending data continues to show robust growth and that inflation remaining above the target is still a concern. The economy remains strong, and the labor market is close to full employment. Waller respects and appreciates his colleagues' preference for a more significant rate cut and remains committed to working with them to ensure that policy is appropriately positioned to achieve the dual mandate goals.