Federal Reserve (Fed) Governor Christopher Waller said on Wednesday that the given the lags of monetary policy, the exact timing of a rate cut "doesn't really matter," per Reuters.

Key takeaways

"Key to easing is when conditions justify it."

"The labor market is in a sweet spot, firms have the workers they want."

"Important for Fed to maintain current labor market conditions."

"We've done our job with the high rates, open question about timing of cut."

"Most likely direction for monetary policy is rate cuts."

Market reaction

These comments failed to trigger a noticeable market reaction. At the time of press, the US Dollar Index was down 0.48% on the day at 103.76.