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Waller: Monetary Policy at a Crossroads
Thank you, Yelena, and thank you for the opportunity to speak to you today. My subject is the outlook for the U.S. economy and the implications for monetary policy. Spending by households and businesses has been resilient, despite higher goods costs generated by tariffs and the surge in energy prices from the Middle East conflict. The labor market has also been stable, with employment close to the Federal Open Market Committee's (FOMC) maximum-employment goal. So I feel the real side of the economy is in good shape. But I believe inflation and monetary policy are at a crossroads. Despite higher tariffs in 2025, core ... (full story)
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FED'S WALLER SAYS HE IS COMMITTED TO RETURNING INFLATION TO 2% TARGET; ALSO TO AVOID OVER-TIGHTENING POLICY AND RISKING RECESSION || CONCERNED ABOUT EQUALLY PLAUSIBLE CASE THAT TIGHTER POLICY WILL BE NEEDED
— First Squawk (@FirstSquawk) July 13, 2026
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FED'S WALLER SAYS HE EXPECTS A DECELERATION IN HEADLINE INFLATION STARTING WITH THIS WEEK'S INFLATION DATA; BUT WILL BE FOCUSED ON CORE READING || REAL SIDE OF ECONOMY IN GOOD SHAPE
— First Squawk (@FirstSquawk) July 13, 2026
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WALLER SAYS HE IS DETERMINED TO AVOID REPEATING FED'S MISTAKE IN 2021; BUT LABOR MARKET NOT AS TIGHT NOW, AND INFLATION EXPECTATIONS ANCHORED || HOUSEHOLD, BUSINESS SPENDING RESILIENT DESPITE HIGHER GOODS COSTS FROM TARIFFS, ENERGY PRICE SURGE FROM MIDDLE EAST CONFLICT
— First Squawk (@FirstSquawk) July 13, 2026
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Waller: We’re past the point where we can attribute past increases to tariffs.
— Nick Timiraos (@NickTimiraos) July 13, 2026
“No matter how you cut it, or what measure you want to use, inflation is up this year”
“Sometimes a big change in only one component of core prices can move the total significantly without reflecting…
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