Christopher J Waller: Monetary policy at a crossroads
What changed vs prior statement
- 01No material change in policy stance vs prior statement.
- 02Language essentially preserved across key discussions on monetary policy impact.
- 03Vote split: No vote-record change.
From the original
Speech by Mr Christopher J Waller, Member of the Board of Governors of the Federal Reserve System, at the New York Association for Business Economics, New York City, 13 July 2026.
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4 itemsChristopher J Waller: Modernising Federal Reserve operations in the 21st century
The desk believes that the Federal Reserve's modernization efforts, as articulated by Christopher J. Waller, will enhance operational efficiency and influence market dynamics. Per the full note [source], Waller emphasized the necessity for the Fed to adapt its tools and frameworks to better align with contemporary economic realities. This modernization is expected to impact liquidity management and interest rate transmission mechanisms, which could lead to a stronger dollar in the medium term. Our consensus target reflects a cautious optimism about these developments, particularly in light of the Fed's evolving stance on monetary policy.
Christopher J Waller: Update on Federal Reserve Bank operations
The desk maintains a bullish outlook on the USD, driven by the Federal Reserve's recent operational updates and a tightening monetary policy stance. Per the full note [source], Christopher J. Waller emphasized the Fed's commitment to combating inflation, suggesting that interest rates may remain elevated for an extended period. This aligns with our expectation of a stronger dollar as traders position for continued rate hikes, with the consensus target for USD appreciation set at 1.075 against the euro.