Governor Christopher Waller is a member of the Federal Reserve Board of Governors
- I support continued rate hikes until we see meaningful, persistent progress on US Inflation
- Monetary policy can and must be used aggressively to bring down inflation
- Likely not enough data before November meeting to significantly alter my view of economy
- I anticipate additional rate hikes into early next year
- Stance of policy is slightly restrictive, beginning to see some adjustment in sectors like housing
- Will have a 'very thoughtful discussion' about pace of tightening at next meeting
- Availability of swap lines, existence of standing repo facilities are a stabilizing force
- Not considering slowing rate increases or halting them due to financial stability concerns
- Markets are operating effectively
- U.s. Economy set for below-trend growth in 2H 2022
- Labor market strong, very tight
- The focus of monetary policy needs to be fighting inflation
- Cannot dismiss possibility of a larger drop in demand, house prices before market normalizes
- Friday's jobs report likely will not alter view fed should be 100% focused on reducing inflation
- Inflation is much too high, not likely to fall quickly
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Waller is giving a nod to being data-dependent in these comments. But not for the November meeting, there is not enough data ahead of that one.
