Christopher J Waller: Monetary policy at a crossroads
Speech by Mr Christopher J Waller, Member of the Board of Governors of the Federal Reserve System, at the New York Association for Business Economics, New York City, 13 July 2026.
Source: BIS Central Bank Speeches
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DW NOTE
The Fed has cut rates to 3.63% while core PCE inflation sits at 3.4% and rising, producer prices run at 5.51%, and oil just spiked 20.9% in a month. Waller is concerned about the "elevated pace" of core inflation but frames this as a crossroads rather than a policy error already made—you don't ease into a supply shock and call it prudence six months later.