Federal Reserve Governor Christopher Waller backs a 50-basis-point interest-rate cut due to declining inflation, with potential for more cuts to support

Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses.

Federal Reserve Governor Christopher Waller said favorable inflation data, and not worries about the labor market, are what convinced him to support policymakers’ decision to lower interest rates by a half percentage point this week.