Fed's Waller (hawk, voter): Fed was not alone in getting inflation call wrong
- Fed raising rates to cool off demand, curb inflation
- Inflation is too high, my hob is to get it down, if we get some help from supply chain resolution, that is fantastic, but won't count on it
- Could pull back demand for labor and that would be a good thing
- We are trying to get job market back to equilibrium, right now it is out of whack
- We think we can raise interest rates and not have a big impact on unemployment
- Don't need to tank economy to bring down inflation
- Do not see a need for a central bank digital currency (CBDC)
- Need to give people notice in advance, not shock them
- Doesn't see anything bad happening to the housing market; Demand for housing is strong and supply is short
- Right now the labor market is so strong, we can pull this off without doing much damage