Federal Reserve Governor Christopher Waller doubled down on more rate cuts and cooling inflation following higher price projections from the central bank and growing expectations among investors that the Fed may not do much cutting at all this year.

“I believe that inflation will continue to make progress toward our 2 percent goal over the medium term and that further [interest rate] reductions will be appropriate,” he said in Paris at an event from the Organization for Economic Cooperation and Development (OECD), a policy group representing wealthy economies.

Waller pointed to smoothly moderating........

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