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

Federal Reserve Governor Christopher Waller is calling for "more caution on the pace of rate cuts than was needed at the September meeting," he said on Monday, citing recent economic data. Assuming the risks to the Fed's dual mandate of price stability and full employment are balanced,

Market participants predict there is a 92% chance the committee will initiate a quarter-point cut at the November meeting and an 84% they will do so again at the December meeting, according to the CME FedWatch Tool that tracks trading in the 30-day fed funds futures.