Chris Waller, governor of the U.S. Federal Reserve, talked about interest rates, inflation and recession fears Friday at a conference in Vienna, Austria.
"Inflation is widespread, driven by strong demand that has only begun to moderate, by an ongoing lag in labor force participation and by supply chain problems that may be improving in some areas but are still considerable," he said.. Gross domestic product fell the first two quarters of 2022.
He said spending data was "supportive of continued expansion" but also noted that there are signs of moderation in U.S. economic activity, which he said is "what the FOMC is trying to achieve by tightening monetary policy."
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