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Central BanksMediumUpdated•Originally published 23 February 2026•Updated 23 February 2026•
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Waller: February Jobs Report Key to Fed's March Interest Rate Decision

Key Facts

1Fed Governor Christopher Waller stated that the February jobs report will be the key factor for the March interest rate decision.
2Waller emphasized that the Supreme Court ruling overturning a large part of Trump’s tariffs will not be the primary driver for the Fed's next move.

Federal Reserve Governor Christopher Waller emphasized on Monday that the upcoming February jobs report will be the decisive factor in the central bank's interest rate decision this March. Speaking on the Fed's policy outlook, Waller noted that labor market strength remains a priority for officials weighing potential rate cuts. He clarified that the recent Supreme Court ruling, which invalidated significant portions of tariffs on imported goods, will not serve as the primary catalyst for the next policy move. This statement reinforces the Fed's commitment to a data-dependent approach, focusing on core economic indicators rather than legal or political developments. Markets are now closely monitoring employment data, as it is expected to dictate the pace of monetary easing in the near term. Consequently, volatility in the DXY and Treasury yields may increase leading up to the release of the labor statistics.