'So far, we have managed to do so, and I remain optimistic that this progress can continue,' he said.

'The shorter the trend, the larger the grain of salt when swallowing a story about the future.'īut Waller did say he still sees a 'soft landing' as possible for the economy, scenario that would see 'progress on inflation without seriously damaging the labor market.' 'So, while it is possible to take a month or three months of data and paint a rosy picture, I caution against doing so,' he said. But he noted that while headline CPI declined 0.1%, the index excluding food and energy still rose 0.3% and 'is still too close to where it was a year ago.' In recent months, inflation gauges such as the consumer price index and the Fed's preferred core personal consumption expenditures price index have come off their peaks of last summer. The quarter percentage point increase will. He emphasized the Fed's goal is not to 'halt economic activity,' but rather to bring it back into balance so inflation can start to fall. The Federal Reserve approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years. Waller was generally upbeat on the economy, noting that activity has slowed in some key areas such as manufacturing, wage growth and consumer spending. It's going to be a slower, harder slog to get inflation down and therefore we have to keep rates higher for longer and not start cutting rates by the end of the year.' Inflation's not just going to miraculously melt away. The immaculate disinflation is going to occur,' he told CNBC's Steve Liesman during a question-and-answer session after the speech. 'The market has a a very optimistic view that inflation is just going to melt away. Waller said the divergence is largely about perception for where inflation is going to go. Another interest rate hike is still on the table, according to federal reserve officials. Personal Loans for 670 Credit Score or LowerĬentral bankers largely have said they see rates holding at a high level through the end of the year, while markets see a peak in the summer then a reduction shortly thereafter. FOMC meeting minutes release indicates the Fed may not be done with rate hikes. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit The Federal Open Market Committee (FOMC) Meeting Minutes are a detailed record of the committees policy-setting meeting held about three weeks earlier.

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