Investor sentiment has turned gloomier this week, but even if no economic downturn materializes, progress on inflation should allow the Fed to continue cutting interest rates, Waller said.

By Michael S. Derby NEW YORK (Reuters) -Federal Reserve Governor Christopher Waller said on Thursday he is unlikely to support a rate cut at the Fed's upcoming policy meeting, although he expects cuts later in the year remain possible if inflation pressures continue to abate.

In a public appearance Thursday, Federal Reserve Gov. Christopher Waller said the founding fathers supported independent money management and undoing it now would be a mistake.