Christopher Waller, a member of the Fed’s Board of Governors, said he was open to raising the Fed’s key rate by a half-point next month in light of evidence that inflation may be cooling
official, added his voice Wednesday to a rising number of Fed officials who have suggested that the central bank will likely slow the pace of its interest rate hikes beginning in December.
“The data of the past few weeks have made me more comfortable considering stepping down to a hike,” Waller said in a speech in Phoenix. “It is important to remember that this would still be a very significant tightening action.” Waller’s remarks followed comments earlier Wednesday from Mary Daly, president of the Federal Reserve Bank of San Francisco. Daly said in an interview with CNBC that the Fed will likely raise its short-term rate at least a full percentage point above its current level.
“I cannot emphasize enough that one report does not make a trend,” he said. “It is way too early to conclude that inflation is headed sustainably down.”“I will not be head-faked by one report and will continue to watch the data between now and the December meeting,” he said. Some of Waller’s comments about rate hikes Wednesday were harder-line than Brainard’s were. In response to a question, for example, Waller said that the current unemployment rate – at 3.7 per cent, it is near a 53-year low – means the Fed can focus primarily on fighting inflation.
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