7/14/2022, 5:15 PM (Source: TeleTrader)
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Fed's Waller: Inflation far too high

Member of the Federal Reserve Board of Governors Christopher Waller said on Thursday that the country's inflation is "far too high" after yesterday's report on inflation showed the highest figure in 40 years, emphasizing that the Federal Reserve must remain focused on bringing it down to 2% target.

Speaking at the Rocky Mountain Economic Summit Global Interdependence Center in Idaho, Waller reiterated his support for another 75-basis-point interest rate hike, noting that upcoming retail sales and housing data will precisely determine the Fed's decision ahead of the July meeting.

"I think we need to move swiftly and decisively to get inflation falling in a sustained way, and then consider what further tightening will be needed to achieve our dual mandate, Waller said, noting that monetary policy must be tightened until there is "significant moderation in core prices." "The country did not enter recession in the first half of the fiscal year," he added, stressing it can be avoided as the labor market remains strong, allowing for a "soft landing."

Baha Breaking News (BBN) / AB