Federal Reserve Governor Christopher Waller questioned Chairman Jerome Powell's view that economic data is too limited to be clear, urging the Fed to continue easing monetary policy despite the gaps in information.
Waller Rejects ‘Fog’ Narrative
Waller told FOX Business host Larry Kudlow that the fog story simply must end. "The fog might tell you to slow down, but it doesn't tell you to pull over to the side of the road."
Powell stated on Wednesday during a Federal Open Market Committee meeting that the government shutdown has restricted key economic indicators. “What do you do if you’re driving in a fog? You slow down,” Powell said.
Chair Candidate Signals Policy Direction
Waller, former executive vice president and director of research at the Federal Reserve Bank of St. Louis and one of five candidates to succeed Powell, expressed willingness to lead the central bank if chosen by President Donald Trump.
Other contenders in the race include Michelle Bowman, Kevin Hassett, Rick Rieder, and Kevin Warsh.
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Referring to his potential selection as Fed chair, Waller said, "If the president asks me, I will serve."
Data Availability And Inflation Outlook
The governor refuted allegations of inadequate data, asserting that the Fed has sufficient information outside of official government reports. Waller stated, “We actually have a lot of data, just because the official government data hasn’t come out.”
The American economist also characterized tariff impacts as “minor” and projected inflation returning to target levels.
Waller said all forecasts show inflation returning to target.
He identified the labor market as his primary concern while expressing optimism that productivity gains from artificial intelligence could emerge within 12 to 24 months.
Nominated in 2020 by President Donald Trump, Waller is serving as a member of the Federal Reserve Board of Governors.
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