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Waller Says Fed Must Do More, Tighten Financial Conditions

EMERGING MARKETS
  • (MNI) WASHINGTON - Federal Reserve Governor Chris Waller said Wednesday the central bank has "farther to go" and he is preparing for a longer fight to bring inflation down to its 2%, and part of that process will be to tighten financial conditions.
  • "Our intention is to tighten financial conditions, including raising the cost of credit, to dampen demand and spending to further reduce inflation," he said.
  • "Some believe that inflation will come down quite quickly this year. That would be a welcome outcome. But I’m not seeing signals of this quick decline in the economic data, and I am prepared for a longer fight to get inflation down to our target."
  • The big picture, he said, is that the U.S. economy is adjusting well so far to the higher interest rates that are necessary to rein in inflation. "But inflation remains quite elevated, and so more needs to be done."
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