Waller: Recent data show Fed hasn't made much progress on inflation, more hikes needed

• 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 Liquidity Liquidity refers to the extent of a financial instrument’s ability to be bought or sold without causing price fluctuations. Thus, if an asset is extremely liquid, it means one can trade that asset in the knowledge that one’s specific dealing won’t create significant movements in the market.This is because there exists such a large number of traders going both long and short, generating huge volume for that particular asset. Liquidity in the FX MarketTake the example of the foreign exchange marke Liquidity refers to the extent of a financial instrument’s ability to be bought or sold without causing price fluctuations. Thus, if an asset is extremely liquid, it means one can trade that asset in the knowledge that one’s specific dealing won’t create significant movements in the market.This is because there exists such a large number of traders going both long and short, generating huge volume for that particular asset. Liquidity in the FX MarketTake the example of the foreign exchange marke Read this Term 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.