Federal Reserve Governor Waller had a busy day on Tuesday. Before the market opened, he was skeptical about the July interest rate cut, saying he needed to see “several months of good inflation data” before considering cutting interest rates. For those still hoping to cut interest rates in July, this isn't good news. Goldman Sachs chief economist Jan Hatzius and his team wrote, “There are only two months of inflation data from now until the July meeting, and the threshold of 'monthly data' shows that the threshold for inflation alone can drive interest rate cuts is quite high.” However, analysts have not changed their basic opinion, that is, the first rate cut will take place in July, and there will be a total of two interest rate cuts in 2024. They wrote, “First, Waller's views probably don't represent the entire FOMC.” “Furthermore, labor market data has slowed in recent months, and further weakening in the next few months, combined with a moderate improvement in inflation data, should persuade the FOMC to begin policy normalization earlier than Waller's schedule.”