According to online reports, Federal Reserve Governor Waller: The upward risks to inflation are limited, and the impact of tariffs is expected to gradually fade next year. Tariffs will push up inflation in the short term; without the impact of tariffs, inflation will be close to the Fed's 2% target. Delaying interest rate cuts could increase the risk of more aggressive measures in the future. The Fed should not wait until there are problems in the labor market before cutting interest rates.