Federal Reserve Chair Waller said at a July 30 press conference that he would not describe the latest interest-rate decision as a “pause,” adding that any such interpretation would be the market’s own conclusion rather than the Fed’s framing. He said the decision announced today was “the beginning of the story, not the end,” signaling that policymakers are still working through the broader implications of current economic conditions.
Waller said the Federal Reserve is closely watching how various shocks may affect underlying inflation and is assessing whether the scope of those effects is widening. For now, he said, the central bank is conducting a strict review of the economic outlook. On employment, Waller said the U.S. labor market remains in good shape and that the Fed has done “quite well” on the full-employment side of its mandate. He added that the Fed’s dual mandate is not in conflict and that neither objective has been neglected.
Looking ahead to the Jackson Hole central banking conference, Waller said he has not yet begun preparing his speech. He said he hopes to discuss major policy issues there and plans to study related questions with his team before the meeting.
Federal Reserve Chair Waller said at a July 30 press conference that he would not characterize the latest rate decision as a “pause.” If markets choose to read it that way, he said, that is a judgment made by financial markets themselves.
“Today’s decision is just the beginning of the story, not the end,” Waller said.
He said the Federal Reserve is closely monitoring how different shocks are affecting underlying inflation and is evaluating whether the reach of those effects is expanding. What the Fed is doing now, he said, is carrying out a rigorous review of economic conditions.
On employment, Waller said the U.S. labor market is in good shape and that the Fed has done “quite well” in achieving full employment. He added that there is no conflict within the central bank’s dual mandate and that neither side of that mandate has been ignored.
Asked about the upcoming Jackson Hole central banking conference, Waller said he has not started preparing his remarks yet. He said he hopes the event will allow for discussion of major policy issues and that he will continue examining related questions with his working group before the meeting.
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