The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but that should not be seen as a 'softening' in its commitment to lower inflation, Federal Reserve Gov. Christopher Waller said on Sunday.
The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo
Markets should now pay attention to the "endpoint" of rate increases, not the pace of each move, and that endpoint is likely still "a ways off," Waller said in response to a series of questions on monetary policy at an economic conference organized by UBS in Australia. "It depends on inflation." A report released last week showing slower than expected inflation in October was "good news," but was "just one data point" that would have to be followed with other similar readings to show convincingly that inflation is slowing, he said.
"We're going to need to see a continued run of this kind of behavior and inflation slowly starting to come down before we really start thinking about taking our foot off the brakes," Waller said, adding that he has been further convinced the Fed is on the right path because its rates increases so far have not "broken anything."
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