Federal Reserve Governor Christopher Waller and newly appointed Governor Stephen Miran are advocating for a rate cut in December, citing concerns over a weakening labor market. Waller argues that the current employment situation justifies a 25 basis points cut, while Miran suggests a minimum of 25 basis points and even advocates for a more substantial 50 basis points reduction. Their calls come as firms report increasing layoffs and the economic data indicate a potential slowdown. This dovish stance has sparked debate within the Fed regarding monetary policy shifts, especially as some officials express that current policies are too restrictive.