Waller’s comments expressing support for more rate hikes follow a forecast by the Fed’s staff economists for a “mild recession” later this year.
Christopher Waller, a member of the Fed’s governing board, did not specify how many more increases he supports, but said that inflation “is still much too high and so my job is not done.”, but excluding those volatile categories, “core” prices kept rising and are 5.6% higher than a year ago. Waller pointed out that core prices have risen at about that same pace, or higher, since December 2021.
His comments, delivered in San Antonio, Texas, echo those of several of his colleagues, who have said in recent weeks that they support at least one more rate hike. That would put the Fed’s benchmark rate at about 5.1%, the highest in 16 years. Waller, however, said that the slow progress on inflation meant that, “Monetary policy will need to remain tight for a substantial period of time, and longer than markets anticipate.”
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