If inflation doesn't go away, we need to raise rates a lot higher: Fed's Waller

The Federal Reserve needs to move interest rates much higher and soon if high inflation does not begin to subside, Fed Governor Christopher Waller said on Monday.

"If inflation doesn't go away, that... rate is going a lot higher, and soon," Waller said following a speech given to the Institute for Monetary and Financial Stability in Frankfurt, Germany. "We are not going to sit there and wait six months...I am advocating 50 on the table every meeting until we see substantial reductions in inflation. Until we get that, I don't see the point of stopping."