Fed's Waller: Need Several Months of Good Inflation to Cut

What The labor market is strong as it is, my focus remains on bringing inflation down to the Fomc's 2% goal. The latest CPI data was a reassuring signal that inflation is not accelerating, and data on spending in the labor market suggests to me that monetary policy is at an appropriate setting to put downward pressure on inflation. While the April data represents progress, the amount of progress was small, reflecting the fact that I needed to report the monthly numbers to two decimal places to show progress. The economy now seems to be evolving a bit closer to what the committee expected. Nevertheless, in the absence of significant weakening in the labor market, I need to see several more months of good inflation data before I would be comfortable supporting and easing in the stance of monetary policy. Now, what do I mean by good data? What grade do I need to give future inflation reports? I'll keep that to myself for now. But let's just say that I look forward to the day when I don't have to go out two or three decimal places in the monthly inflation data to find the good news.

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