Christopher J Waller: Policy risks have changed
What changed vs prior statement
- 01Current statement discusses evolving policy risks, indicating a shift toward a more cautious approach compared to prior statement.
- 02Key language on inflation and economic growth risk assessments updated, reflecting changing economic conditions.
- 03No vote-record change noted between statements.
From the original
Remarks by Mr Christopher J Waller, Member of the Board of Governors of the Federal Reserve System, at The Centre for Central Banking Guest Lecture, Frankfurt School of Finance and Management, Frankfurt am Main, 22 May 2026.
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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.