Fed's Waller wants to see more
Fed's Waller Comments:
- Credit card and auto loan delinquency rates suggest some consumers are under stress.
- Will be closely watching how private domestic final purchases fare in the second quarter.
- Wage growth is still a bit higher than desired, but not excessively high.
- Data on spending and the labor market suggest monetary policy is appropriately set to put downward pressure on inflation.
- The economy seems to be evolving closer to what the Fed expected.
- Data suggests inflation isn't accelerating.
- April inflation data suggests progress toward the 2% target has likely resumed, but progress was modest.
- Further increases in the policy rate are probably unnecessary.
- An exception would be a significant weakening in the labor market.
- Needs to see several more months of good inflation data before being comfortable supporting an easing in policy.
The title of the speech is:
Little by Little, Progress Seems to be Resuming
Although Fed Gov. Waller wants to see more data, his comments are being characterized less hawkish than what is normal for him.
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