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Fed's Waller: more rate hikes likely needed to tame inflation, but pace can be flexible
Fed Governor Christopher Waller said additional hikes will likely be needed to return inflation to the 2% target if data come in as expected, but hikes need not come at consecutive meetings; the door stays open for a pause at the October 27–28 meeting.
Why it matters
US Federal Reserve Governor Christopher Waller said on Thursday that additional interest-rate hikes will likely be needed to bring inflation back to the Fed's 2% target, but there is "flexibility" about the pace — backing market expectations of a hold at the late-October meeting and a possible hike in December.
Full report
In remarks prepared for delivery at a Central Bank of Turkey forum in Istanbul, Waller said: "If the economic data continue to come in as expected, I anticipate additional hikes to support a timelier return of inflation to our 2% goal. But there is some flexibility about when those hikes will occur. The hikes do not need to come at consecutive meetings, but they should be in place in an acceptable period of time."
The Fed raised the policy rate by a quarter of a percentage point in September to a range of 3.75%–4%. According to Reuters, Waller's comments add to those of other Fed officials in recent days suggesting the rate will likely stay steady at the October 27–28 meeting, with a rate increase likely in December if inflation shows limited progress while unemployment stays low and growth continues.
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