2022 – If inflation doesn’t go away, we need to raise rates much higher. from Reuters

© Reuters. FILE PHOTO: Hot dogs are seen in a supermarket as inflation continues to weigh on consumers, as annualized CPI rises 8.3% for the 12 months ending April in Los Angeles, California, US May 27, 2022. Photo: Lucy Nicholson – Reuters

(Reuters) – Federal Reserve Governor Christopher Waller said on Monday the Federal Reserve should raise interest rates much higher and sooner if high inflation does not abate.

“If inflation doesn’t go away, this…the rate will go up a lot, and soon,” Waller said after speaking at the Institute for Monetary and Financial Stability in Frankfurt, Germany. “We are not going to sit around and wait six months…I advocate putting 50 on the table at every meeting until we see a significant reduction in inflation.” Until we achieve that, I see no point in stopping.”

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