Federal Reserve governor Christopher Waller stated on Tuesday he needs to see several more months of good inflation data before he would be comfortable supporting an easing in monetary policy stance.
The official noted that the April CPI data represented progress toward the 2% target but added that the amount of progress was small. "I will need to see more evidence of moderating inflation before supporting any easing of monetary policy," he added.
Also, Waller admitted that data on spending and the labour market suggest that monetary policy is at an appropriate setting to put downward pressure on inflation.