Federal Reserve Governor Waller underscores the importance of action by the Federal Reserve in light of current economic indicators. He asserts that if the conditions are ripe, he will advocate for a 'preemptive rate cut' strategy, aiming to lower interest rates before economic forecasts indicate a downturn, to prevent overheating or recession. Waller firmly believes that through this approach, inflation rates can be brought back in line with the Fed's target of 2%. He stresses that initiating a rate cut at the upcoming meeting is crucial, as it will help stabilize market expectations and foster economic growth.