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Fed's Waller: If inflation doesn't go away, we need to raise rates a lot higher

Published 05/30/2022, 12:51 PM
Updated 05/30/2022, 12:56 PM
© Reuters. FILE PHOTO: Hot dog sausages are seen in a supermarket, as inflation continues to hit consumers with the annual CPI increasing 8.3% in the 12 months through April, in Los Angeles, California, U.S. May 27, 2022. REUTERS/Lucy Nicholson

© Reuters. FILE PHOTO: Hot dog sausages are seen in a supermarket, as inflation continues to hit consumers with the annual CPI increasing 8.3% in the 12 months through April, in Los Angeles, California, U.S. May 27, 2022. REUTERS/Lucy Nicholson

(Reuters) - The Federal Reserve needs to move interest rates much higher and soon if high inflation does not begin to subside, Fed Governor Christopher Waller said on Monday.

"If inflation doesn't go away, that... rate is going a lot higher, and soon," Waller said following a speech given to the Institute for Monetary and Financial Stability in Frankfurt, Germany. "We are not going to sit there and wait six months...I am advocating 50 on the table every meeting until we see substantial reductions in inflation. Until we get that, I don't see the point of stopping."

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