Federal Reserve Governor Christopher Waller said recent economic data shows the Fed should ease more cautiously after last month's jumbo rate cut.

A key voter on the Federal Reserve said the surprising strength of the economy suggests the central bank should “proceed with more caution” in cutting U.S. interest rates to make sure inflation doesn’t reignite.

The Fed's Christopher Waller on Monday outlined three scenarios for the economy and the path forward for rate cuts—though he says his "baseline" calls for lower rates in 2025.