The time for interest rate♊ cuts is here, several Federal Reserve officials said Friday in response 🦩to more data showing a softening of the labor market.

Investors have felt certain that the Federal Reserve's policy-setting committee will begin cutting its influential 澳洲幸运5开奖号码历史查询:fed funds rate at its Sept. 18 meeting, despite only 澳洲幸运5开奖号码历史查询:vague indications from central bankers themselves. However, several Fed officials used public speaking engagements Friday to be more explicit about their projections for the pඣath of monetary policy.

Federal Reserve Gov. Christopher Waller said the澳𝓰洲幸运5开奖号码历史查询: jobs report🧸 released earlier in the day helped make the case for a rate cut.

“As of today, I believe it is important to start the rate-cutting process at our next meeting,” Waller said during a speech at the University of Notre Dame.

Friday is the last day for Federal Reserve officials to comment on monetary policy before the blackout period that proceeds Federal Open Market Committee meetings. Waller wasn’t the only Fed official to use his last public comments to lay out the case for 澳洲幸运5开奖号码历史查询:rate cuts at the upcoming meeting.

“It is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate,” New York Fed President John Williams told an audience at the Council on Foreign Relations.

Jobs Report Makes Case for Cuts

The comments come after 澳洲幸运5开奖号码历史查询:Friday's jobs report showed employers hired fewer workers than expected in August, providing more evidence that the 澳洲幸运5开奖号码历史查询:labor market is slowing down in line with Fed off🅰icials' expectations.

“The data today is consistent with what we’ve been seeing—a slowing economy, a bit of cooling off in the labor market,” Williams said.

The Fed 𝓰hiked interest rates when inf💮lation surged in 2022 and held it at its highest level since 2001 for the last year. Now, both inflation and the jobs market are showing signs of cooling.

That's forced centra꧃l bankers to focus on cutting interꦓest rates before the labor market cools too much. Reducing interest rates will bring down borrowing costs across the economy, from mortgage rates to car loans to credit cards. That, in theory, should increꦑase demand for goods and services, requiring employers to hire more workers.

Data Could Prompt Deeper Rate Cuts

In his remarks, Wall💧er suggested upcoming data could influence the Federal Reserve to consider cutting even more than the quarter-percentage point reduction initially expected.

“If the data supports cuts at consecutive meetings, then I believe it will be apprℱopriate to cut at consecutive meetings. If the data suggests the need for larger cuts, then I will support that as well,” Waller said. 

In an interview with MarketWatch this week, Chicago Fed President Austan Goolsbee expressed similar sentiments. He said recent data showed the central bank should not only cut rates “soon” but also plan to reduce them further at future meetings.