US Fed official favors smaller rate hike in February

There is ample evidence that a steep climb in interest rates has dampened demand and economic activity, suggesting the US central bank can further slow its rate hikes, Federal Reserve Governor Christopher Waller said Friday.

Nearly a year since the Fed started tightening monetary policy to curb surging inflation, industrial production has fallen and the construction and real estate sectors have slowed, while consumer spending growth has started to ease.

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