Federal Reserve Governor Warsh believes that monetary policy remains restrictive and further interest rate cuts are needed.

Federal Reserve Governor Christopher Waller expressed disagreement with officials' decision to keep interest rates unchanged this week, as economic data shows the need for further rate cuts. Waller stated in a release on Friday, "Monetary policy is still constraining economic activity, and the economic data make it clear to me that further monetary policy accommodation is needed." Federal Reserve officials voted this week to maintain the range of the benchmark policy rate at 3.5% to 3.75%, citing an improvement in the outlook for the U.S. economy. Waller dissented, advocating for a 25-basis point rate cut. This dissent reflects Waller's belief that there is still fragility in the labor market. He mentioned that since last year mid-year, the unemployment rate has risen and job growth has slowed. He suggested that upcoming data revisions may show that there was no job growth in nonfarm employment last year.