Waller
  • Rates need to rise further
  • Extent of further increases depends on data
  • Still uncertain how SVB failure and bank stress will impact broader credit conditions
  • Mon pol will need to remain tight for 'substantial' period and longer than markets anticipate
  • Q1 data continue to surprise with stronger growth
  • Significant credit tightening could offset the need for rate hikes, but judgement difficult in real time
  • Developments so far validate decision to hike at the last meeting
  • Liquidity steps on SVB appear to have worked
  • Job demand has been declining via falling job creation rather than layoffs

This isn't a big surprise from Waller because he's a hawk but it's striking how explicit he is and that he's talking about more than one hike.