Fed's Waller: US economy going 'gangbusters' but now is the time to be patient
Comments from the Fed governor:
- Now is the time to be patient and steely-eyed central bankers
- Needs several more months of data to know if economy has made 'substantial further progress'
- Expects FOMC to maintain accommodative policy for some time
- Factors putting upward pressure on inflation are temporary
- Labor supply shortage is likely temporary, will be boosted by reopening of schools and daycares and expiration of benefits
- Economy is coming out of a deep hole
- Inflation to exceed 2% this year and next and then return to target
- Prospects are good that GDP will be close to trend this year
- Fast growth in housing prices does bear close watching
Waller is a potential crack in the dam of dovish policy and isn't afraid to speak out but he's certainly sticking to Powell's lead here.