Fed Governor Chris Waller says "I am going to need to see improvement on inflation or a significant deterioration in the labor market before I would consider reducing the policy rate"

[출처/시간] Briefing.com - 10:02 AM ET, 05/22/2026

"Over the past several weeks, data on the labor market and inflation have validated this judgment. Recent jobs data show that the labor market appears to be stabilizing and the unemployment rate is fairly low and stable. But higher energy and commodity prices are pushing up headline inflation and prices for other goods. Inflation is not headed in the right direction. Based on this recent data, I would support removing the "easing bias" language in our policy statement to make it clear that a rate cut is no more likely in the future than a rate increase.That doesn't mean, however, that I think we should be considering rate increases in the near future. While the labor market is on a more stable footing, it is not booming, and with monetary policy still at a restrictive setting, raising the policy rate could cause damage. The oil shock's effect on prices may dissipate soon, in which case raising rates may only begin to bite after inflation has started coming back down. But I can no longer rule out rate hikes further down the road if inflation does not abate soon, and that is especially true if measures of inflation expectations, some of which have risen lately, show signs of becoming unanchored.With regard to future rate cuts, I am going to need to see improvement on inflation or a significant deterioration in the labor market before I would consider reducing the policy rate. So, on net, my current policy position is to hold rates steady for the near term.Today my focus is inflation, but let me start with the outlook for economic activity and the labor market. Recent data indicate that gross domestic product has continued to grow at a solid pace, boosted by torrid business investment related to artificial intelligence (AI) and resilient consumer spending, despite higher prices and related low readings in surveys of consumer sentiment."Full Speech