Third-quarter U.S. economic growth, at an annualized 4.9% rate, was a 'blowout' performance that warrants watching as the Federal Reserve considers its next policy moves, Fed Governor Christopher Waller said Tuesday.
Third-quarter U.S. economic growth, at an annualized 4.9% rate, was a "blowout" performance that warrants watching as the Federal Reserve considers its next policy moves, Fed Governor Christopher Waller said Tuesday. "This was an outstanding quarter ... this big blowout number," Waller told an economic data seminar at the St. Louis Fed. In looking at the components of U.S. output, "everything was booming.
Waller, who has been among the most ardent advocates of aggressive Fed rate hikes to battle high inflation, did not include a policy recommendation in his remarks. Against the economic growth seen in recent months, a rise in long-term bond yields has led some Fed officials to feel that credit conditions may be tightening enough that the central bank will not need to raise its own short-term policy rate anymore.
The Fed's current cautious approach to any further rate increases has been bolstered by the rise in bond yields and higher market interest rates.
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