Waller says further rate increases need not come at consecutive meetings

Federal Reserve Governor Christopher Waller expects more rate increases, but not necessarily at consecutive meetings.

The Federal Open Market Committee raised its target range by a quarter point to 3.75 to 4 percent in September after nine months without a change. In a speech delivered Thursday, Waller said 16 of 18 meeting participants anticipated at least one more increase during the two remaining meetings of 2026. Four of those participants expected two.

Timing remains open.

Waller said additional increases would be appropriate if the economy develops as he expects, but they need not come at consecutive meetings. He said his near-term focus is inflation. Core personal consumption expenditures prices rose 3.0 percent over the 12 months through August.

The views were Waller's and do not necessarily represent those of other Fed officials.