According to Bloomberg/Reuters on the 19th local time, Fed Director Christopher Waller said at an event in Dallas the day before that he would support a 0.75 percentage point hike in the benchmark interest rate next month if economic data came out as expected.
“The Fed is ‘going all-in’ to restore price stability,” Waller said, as the US faces its highest level of inflation in 40 years.
Concerns about a recession are “a bit exaggerated,” he said.
Earlier this month, Fed Chairman Jerome Powell announced that the Fed would raise interest rates by 0.75 percentage points in the next month as well as the possibility of an interest rate hike next month.
The US CPI rose 8.3% in April and 8.6% in May, the highest in about 40 years, far exceeding the Fed’s target of 2%.
Cleveland Federal Reserve Bank President Loretta Mester said in an interview with CBS on the 19th that the Fed’s inflation target of 2% “will take about two years, but it will go down.”
Atlanta Fed President Rapier Bostik also said in a radio interview that he would do everything he could to bring inflation down to 2%.