Investor sentiment has turned gloomier this week, but even if no economic downturn materializes, progress on inflation should allow the Fed to continue cutting interest rates, Waller said.

Waller said he wants to see more data about economic conditions before lowering rates again, especially in light of the Trump administration’s trade-policy changes.

In a public appearance Thursday, Federal Reserve Gov. Christopher Waller said the founding fathers supported independent money management and undoing it now would be a mistake.

The Federal Reserve should hold interest rates steady at its policy meeting in two weeks and wait to see if the signs of softening in the economy multiply or turn out to be a head fake, Fed governor Christopher Waller said on Thursday.