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- Fed's Waller sees no sign of 'quick' decline in inflation
Fed's Waller sees no sign of 'quick' decline in inflation
Federal Reserve Governor Christopher Waller said on Wednesday that inflation seems poised to continue slowing this year but the US central bank's battle to reach its 2% target "might be a long fight" with monetary policy kept tighter for longer than anticipated, as Reuters reported.
Key comments
"There are signs that food, energy, and shelter prices will moderate this year," Waller said in remarks prepared for delivery at an Arkansas State University conference, and that the Fed's rapid increases in interest rates had begun "to pay off."
"But I'm not seeing signals of ... quick decline in the economic data, and I am prepared for a longer fight," Waller said.
The surprisingly strong gain of 517,000 jobs in January showed the economy was holding up well, for example, Waller said, but also meant that "labor income will also be robust and buoy consumer spending, which could maintain upward pressure on inflation in the months ahead."
Though wage growth has slowed, the decline is "not enough," Waller said.
"The Fed will need to keep a tight stance of monetary policy for some time."
US Dollar update
More to come...
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