The official also noted that there’s a risk that inflation “may be getting stuck above” the Fed’s 2% target, which would support an argument for keeping the Fed’s rate unchanged this month.
By Christopher Rugaber, Associated PressFederal Reserve Board of Governors member Christopher Waller poses on May 23, 2022, in Washington.
But he noted that there’s a risk that inflation “may be getting stuck above” the Fed’s 2% target, which would support an argument for keeping the Fed’s rate unchanged this month. And Donald Trump’s election victory has raised the prospect of widespread tariffs and mass deportations of migrants, both of which could elevate inflation. Some economists say they think the Fed might decide to cut its rate more slowly to allow time to evaluate the effects of Trump’s policies.
“If the data we receive between today and the next meeting surprise in a way that suggests our forecasts of slowing inflation and a moderating but still-solid economy are wrong, then I will be supportive of holding the policy rate constant,” he said.
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