Fed Governor Waller indicates he will support holding rates steady at September meeting
Waller said a hotter inflation report could still push him toward a hike, while recent trends and 3.7% annual inflation suggest a pause.
- Federal Reserve Governor Christopher Waller indicated Thursday he will support holding interest rates steady at the September meeting, provided incoming inflation data shows no surprises.
- These remarks contrast with comments Chairman Kevin Warsh made last week at the Jackson Hole, Wyo., symposium, where Warsh argued recent softer inflation readings "do not tell me that underlying trends have meaningfully improved."
- Though July headline inflation was 3.7% and core at 3.3%, Waller noted the three-month rate slipped from 4.76% to 3.05%, describing this trajectory as "a considerable improvement, and the speed of this downward trajectory is encouraging."
- Waller warned policy is only "slightly restricting aggregate demand," adding that if inflation reverses, "a small adjustment in our stance would help ensure that it resumes."
- The Fed awaits consumer and producer price indexes from the Bureau of Labor Statistics next week, which will be critical ahead of the September 15-16 meeting.
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US Fed's Waller Says August Inflation Data Will Determine Stance on September Rate Hike
Get latest articles and stories on Business at LatestLY. Federal Reserve Governor Christopher Waller said the inflation data for August will play a major role in determining whether he supports keeping interest rates unchanged or raising them at the US central bank's September meeting. Business News | US Fed's Waller Says August Inflation Data Will Determine Stance on September Rate Hike.
Waller Puts September CPI on Trial: One Report Could Force the Fed's Hand on Rates
Fed Governor Christopher Waller tied his September meeting vote directly to the August CPI report due Sept. 11. Continued disinflation would support holding rates steady at 3.5%-3.75%. A hot print could prompt him to back a hike. His comments eased immediate rate-hike odds but underscored persistent risks.
Christopher Waller, one of the governors of the US Federal Reserve, says he is inclined to keep interest rates unchanged.
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