Fed's Waller: US economy going 'gangbusters' but now is the time to be patient

Author: Adam Button | Category: Central Banks

Comments from the Fed governor:

Fed's Waller
  • 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.

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