Christopher Waller
  • The only asset as a central banker to fighting inflation is credibility
  • Without credibility, inflation expectations will become unanchored
  • We are committed to getting inflation back down
  • I don't think about spillovers to other countries when I set policy
  • We need to front-load rate hikes

There's a good debate around Fed credibility, where it stands and how big of a role it will play in containing prices. The larger role though will be demographics, migration, automation and globalization. It's fanciful that central bankers pretend they can outweigh those dynamics.