Fed Governor Waller Signals Additional Rate Hikes at Istanbul Economy Forum
Federal Reserve Board Governor Waller announced that if economic data come in as expected, he expects additional rate hikes to bring inflation down to the 2 percent target.
Speaking at the Istanbul Economy Forum, Federal Reserve Board Governor Waller announced that if economic data continue to come in as expected, he expects additional rate hikes to support a faster return of inflation to the 2 percent target.
Assessments at the Istanbul Economy Forum
Federal Reserve Board Governor Waller evaluated the current outlook of the U.S. economy and monetary policy at the Istanbul Economy Forum held at the Istanbul Financial Center, hosted by the Central Bank of the Republic of Turkey. In his speech, he recalled that the Federal Open Market Committee raised the policy rate in September.
Developments in Inflation and the Energy Market
Stating that progress toward reducing inflation has stalled partly due to conflicts in the Middle East driving up energy prices, Waller warned that oil prices could remain high due to low inventories and damaged infrastructure.
Labor Market and Monetary Policy
Noting that recent data show the labor market remains robust and stable, Waller reported that annual core inflation continues to run above the Fed's 2 percent target and that additional rate hikes might be necessary if economic data come in as expected.