Fed's Waller says 3 rate hikes in 2022 are a good baseline position

Says if inflation remains elevated there could be 4 or 5 rate hikes (on the other hand, if it falls there could be less than 3)

favours a rate hike in March
Could also permit the balance sheet to run off faster - could be less need to raise short term rates
does not support a 50bp rate hike in March
inflation has stayed higher for longer than any of us thought it would
once inflation is back down to 2.5% rapid rate hikes would no longer be necessary