Federal Reserve Board Governor Christopher Waller spoke earlier.

Headlines are focused on his reasons for delaying cuts.

Reuters, for example:

• Fed’s Waller still sees ‘no rush’ to cut rates amid sticky inflation data

Bloomberg:

• Fed’s Waller Says No Rush to Cut Interest Rates

CNBC:

• Fed Governor Christopher Waller says no rush to cut interest rates

And, I already posted on another headline:

Comments from Waller’s speech and Q&A are here:

In one of those you’ll see references to similar from Bostic and Kashkari. Waller is not a lone voice here.

Kashkari

And markets are beginning to be swayed:

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Folks, don’t get caught with an outdated view of Fed rate cuts. Its looking more and more like the bank will delay rate its first rate cut. FOMC members are flicking the switch to ‘wait’ right in front of our eyes.

Yes, there are still two more CPI readings to come from the US before June. Indeed we’ll get more info on Friday with the PCE report (I’ll have more on this to come later today, it’s a hugely important data point, and markets will be closed when it hits!). So, if inflation dribbles lower again (I don’t think it will) then maybe June is still a prospect, but from what I am seeing and hearing the first cut will be later and there won’t be three this year.