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Federal Reserve Governor Christopher Waller on Thursday backed another 75 basis point rate increase this month followed by 50bps in September, saying it's essential to front-load tightening to prevent the economy from being overwhelmed by persistent inflation.

After those moves the Fed can “debate whether we go back to 25," he said on a NABE webinar. “We need to move to a much more restrictive setting, and we need to do so as quickly as possible.” His comments mesh with what ex-officials told MNI about future moves. (See: Fed Sees 75bp Hike As New Baseline- Ex-Officials)

“Everybody understands that we’ve got to get inflation under control” rather than worry about the stop-and-start tightening cycle seen in the 1970s, he said. The Fed can't allow expectations to become un-anchored as opposed to worry about over tightening, he said. “If we don’t get inflation under control, inflation on its own can put us in a really bad” spot, Waller said.

MNI Ottawa Bureau | +1 613-314-9647 |
MNI Ottawa Bureau | +1 613-314-9647 |

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