Waller: Long-End Rates Probably Where They Should Be

More from Gov Waller's CNBC interview:

• On mortgage rates: The housing market was on fire last year, prices going up 20% a year is not sustainable. The housing is one of the first places you see the impact of rate hikes. Until inflation comes back down, you'll see mortgage rates higher, hopefully keeping downward pressure on shelter prices.
• On long-end treasury yields: Probably about where they should be. It's not like long end yields are super high and doing damage to the economy.
• On China impact on US: China is slowing, Europe is slowing, that will mean lower demand on US exports. But the US is a fairly closed economy, so the foreign impact will be smaller for us than for other economies.
• On federal deficits: We take fiscal policy as a given; not our job to dictate what the deficit size should be etc. But trillion dollar deficits going forward don't look good for the fiscal health of the US.