Fed Governor Waller said that he does not support altering monetary policy due to concerns about mismanagement of some banks.
US economy is still ‘ripping along’
Right now everything ‘seems to be calm’ in the banking system
Global spillovers from expected from coordinated central bank tightening have to really materialized
It’s still not clear that recent bank failures have had a material effect on credit conditions
Monetary policy should not be altered due to ‘ineffectual management at a few banks’
It’s the Fed’s job to use monetary policy to fight inflation; the job of bank leaders is to manager interest rate risk
It’s disturbing that core inflation isn’t moving, will probably require more tightening
Core inflation is not coming down ‘like I thought it would’
So far it looks like the idea of labor market softening without much rise in unemployment is ‘holding up’