Federal Reserve Governor Christopher Waller on Friday said current economic conditions are complicating the approach to interest rates, with policymakers facing a potentially long-lasting inflation shock and a labor market with no job growth that nonetheless appears stable. Against that backdrop, Waller said the Fed could have to stay on hold for a prolonged period until the economic direction becomes clearer. “High inflation and a weak labor market would be very complicated for a policymaker,” the central banker said for a speech in Alabama. “If I face this situation, I’ll have to balance the risks to the two sides ... (full story)