Fed can address job market weakness with normal-sized rate cuts, Waller tells CNBC

By Howard Schneider WASHINGTON (Reuters) – Federal Reserve Governor Christopher Waller said on Friday that private data shows the job market remains weak and buttresses the case for further interest rate cuts, but added the U.S. central bank need only move in "cautious" quarter-percentage-point steps as it evaluates the economy. The U.S. jobs report for September has been delayed by the ongoing federal government shutdown, but Waller said that private data reports, like the recent one from payroll processor ADP showing a contraction in employment last month, have been consistent in showing the job market losing steam. Alternate sources of information on the job market "are not really representative … but they are all telling the same story. The labor market is weak," Waller said on CNBC's