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MNI: Waller Says Fed Policy Likely Needs To Be Tightened

FED
  • (MNI)Federal Reserve Governor Christopher Waller said Friday the Fed still has more work to do bring inflation toward the central bank's 2% target, but stands ready to adjust his stance for the May FOMC meeting.
  • "Because financial conditions have not significantly tightened, the labor market continues to be strong and quite tight, and inflation is far above target, so monetary policy needs to be tightened further," Waller concluded in a speech. "How much further will depend on incoming data on inflation, the real economy, and the extent of tightening credit conditions."
  • The Fed governor also suggested he is not expecting rate cuts soon. "Another implication from my outlook and the slow progress lately is that, as of now, monetary policy will need to remain tight for a substantial period of time, and longer than markets anticipate," he said.
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