Federal Reserve Governor Christopher Waller said he would prefer an inflation target range rather than the current single-point 2% goal, with his preferred band set at 1.5% to 2.5%. Waller said it is not realistic to expect a central bank to steer inflation to one exact number with precision. He also argued that judging monetary policy as a success or failure based on a single target point can be overly strict. In his view, a target range may better reflect how the economy actually operates. The remarks were reported by Odaily in a brief news update.
Federal Reserve Governor Christopher Waller said he favors setting an inflation target as a range rather than keeping the current single-point 2% target, according to Odaily. His preferred range is 1.5% to 2.5%.
Waller said it is unrealistic to require a central bank to control inflation at one exact number. He added that using a single target point to judge whether monetary policy has succeeded or failed can at times be too harsh. A target range, he said, may be more consistent with how the economy operates in practice.
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