A top Federal Reserve official has said the US central bank is within “striking distance” of returning inflation to its 2 per cent goal, but cautioned rate-setters would “take our time” before cutting borrowing cuts from their current 23-year high.
Christopher Waller, a governor on the Fed’s board, said at an online event hosted by Washington’s Brookings Institution on Tuesday that recent economic and jobs data showed the central bank’s effort to contain price pressures was bearing fruit.
“Based on economic activity and the cooling of the labour market, I am becoming more confident that we are within striking distance of achieving a sustainable level of 2 per cent PCE inflation,” he said, referring to the personal consumption expenditures index.