Fed’s Waller: If inflation doesn’t go away, we need to raise rates a lot higher

(Reuters) – The Federal Reserve wants to maneuver rates of interest a lot greater and shortly if excessive inflation doesn’t start to subside, Fed Governor Christopher Waller mentioned on Monday.

“If inflation would not go away, that… charge goes so much greater, and shortly,” Waller mentioned following a speech given to the Institute for Financial and Monetary Stability in Frankfurt, Germany. “We aren’t going to take a seat there and wait six months…I’m advocating 50 on the desk each assembly till we see substantial reductions in inflation. Till we get that, I do not see the purpose of stopping.”

(Reporting by Lindsay Dunsmuir and Tom Sims; Enhancing by Andrea Ricci)