Fed’s Waller said Fed must get inflation under control

Federal Reserve’s Christopher Waller (voter, hawk), who has been speaking at a virtual NABE event, said inflation is way too high and does not seem to be easing and the Fed has to ply more restrictive policy, Reuters reported.

He supports a 75bp rate hike at the July meeting and said the markets are already expecting hikes so let’s front-load rate hikes.

*Waller said that moves after the July rate hike will put the Fed into a more restrictive policy, so a 50bps hike in September is what he would favor. He added that recession worries are “overblown”.