Waller, The Signaling Value of the Summary of Economic Projections

What happened: Fed Governor Waller said his September vote to raise the policy rate 25 basis points to 3.75 to 4 percent reflected months of evidence, not one data point, citing a stable labor market and persistent inflation pressures. Key numbers: Rate raised 25 basis points to 3.75 to 4 percent in September after nine months on hold. Why it matters: Waller said the prior setting would not return inflation to 2 percent in a timely manner, and he is concerned that five and a half years of above-target inflation could raise consumer, investor, and business inflation expectations.

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