"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, Noting Recent Revisions in the Economic Data Show Households Still Spending Resources and That Lower Rates May Release "Pent-up Demand" for Big-Ticket Items. "I Will Be Watching to See Whether Data, Due Out Before Our Next Meeting, on Inflation, the Labor Market and Economic Activity Confirms or Undercuts My Inclination to Be More Cautious About Loosening Monetary Policy." Palo Alto, California, Oct 14 (Reuters) - Citing Recent Data Showing an Uptick in Inflation and a U.S. Economy and Labor Market That Are Stronger Than Previously Thought, Federal Reserve Governor Christopher Waller on Monday Called for "More Caution" on Interest-Rate Cuts Ahead.
加利福尼亞州帕洛阿爾託10月14日電（路透社）——聯儲局理事克里斯托弗·沃勒週一援引最近的數據顯示，通貨膨脹率上升，美國經濟和勞動力市場比先前想象的要強勁，呼籲對未來的減息 「更加謹慎」。
"Whatever Happens in the Near Term, My Baseline Still Calls for Reducing the Policy Rate Gradually Over the Next Year," Waller Said in Remarks Prepared for Delivery to a Shadow Open Market Committee Conference at Stanford University's Hoover Institution. the Fed's Policy Rate Is Restrictive, the Labor Market Remains Healthy Even as Labor Demand Is Moderating, and Inflation Is "in the Vicinity" of the Fed's 2% Target.
沃勒在準備在斯坦福大學胡佛研究所影子公開市場委員會會議上發表的講話中說：“無論短期內發生什麼情況，我的基準仍然要求在明年逐步降低政策利率。聯儲局的政策利率是限制性的，即使勞動力需求放緩，勞動力市場仍保持健康，通貨膨脹 「接近」 聯儲局2％的目標。
But After the Fed Cut the Policy Rate by a Bigger-Than-Expected Half-of-a-Percentage Point in September, the Fed Should Now Proceed at a "Deliberate Pace" as Long as the Labor Market Doesn't Deteriorate Suddenly and Inflation Continues to Head Downward as He Expects, Waller Said.
但是，沃勒說，在聯儲局在9月份將政策利率下調幅度超過預期的半個百分點之後，只要勞動力市場沒有突然惡化並且通貨膨脹繼續像他預期的那樣下行，聯儲局現在就應該以 「審慎的步伐」 行事。
"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, Noting Recent Revisions in the Economic Data Show Households Still Spending Resources and That Lower Rates May Release "Pent-up Demand" for Big-Ticket Items. "I Will Be Watching to See Whether Data, Due Out Before Our Next Meeting, on Inflation, the Labor Market and Economic Activity Confirms or Undercuts My Inclination to Be More Cautious About Loosening Monetary Policy."
沃勒說：「我認爲總體數據表明，貨幣政策在減息步伐上應比9月會議所需要的更加謹慎。」 他指出，最近的經濟數據修訂顯示，家庭仍在花費資源，較低的利率可能會釋放對大宗商品的 「被壓抑的需求」。「我將觀察在下次會議之前公佈的有關通貨膨脹、勞動力市場和經濟活動的數據是否證實還是削弱了我對放鬆貨幣政策更加謹慎的意願。」
In the Near Term, Waller Warned, the Recent Hurricanes and the Strike at Boeing Inc Ba.n Could Make Job Market Readings Difficult, Stripping Perhaps 100,000 From Monthly Job Gains in October, He Estimated. but Looking Ahead, He Predicted, Job Growth Should Moderate Gradually, With the Unemployment Rate Drifting Upward but Staying Historically Low.
沃勒警告說，在短期內，最近的颶風和波音公司的罷工 Ban。 他估計，這可能會使就業市場數據變得困難，可能使10月份的月就業增長減少10萬人。但他預測，展望未來，就業增長將逐漸放緩，失業率向上漂移但保持歷史最低水平。
If Inflation Rises Unexpectedly, He Said, the Fed Could Pause Rate Cuts; if It Falls Below the Fed's 2% Target or the Job Market Cracks Unexpectedly, the Fed Could Front-Load Rate Cuts.
他說，如果通貨膨脹率意外上升，聯儲局可能會暫停減息；如果減息低於聯儲局2％的目標或就業市場意外破裂，聯儲局可能會提前減息。
But if All Goes as He Expects, "We Can Proceed With Moving Policy Toward a Neutral Stance at a Deliberate Pace" so as to Avoid Slowing the Economy Unnecessarily.
但是，如果一切都如他所料，「我們可以着手謹慎地將政策推向中立立場」，以避免不必要地放緩經濟。
The Message From Him and Most of His Fellow Policymakers, He Said, Is That "There Is a Considerable Extent of Policy Accommodation to Remove, and if the Economy Continues in Its Current Sweet Spot, This Will Happen Gradually."
他說，他和他的大多數決策者傳達的信息是，「有相當大的政策寬鬆需要取消，如果經濟繼續保持目前的最佳狀態，這將逐步發生。」
(Reporting by Ann Saphir; Editing by Andrea Ricci)
（安·薩菲爾報道；安德里亞·裏奇編輯）
