December 11, 2023

Fed board member Christopher Waller said at a meeting on May 6 that the Fed has not failed in its mandate.

He defended the U.S. central bank’s actions, saying critics had not given due weight to its success on unemployment and the role of its forward guidance.

Waller argues that forward guidance is as effective as rate hikes in tightening monetary conditions.

“The two-year yield, I think that’s a good market indicator of our policy stance