WALLER said that after reviewing CPI and PPI data he now has a reasonable
accurate read on PCE inflation and is seeing signs of slowing. He said he’s
willing to wait and be patient, give disinflation a chance and defer a decision
until the next Fed meeting — waiting one meeting carries almost zero cost and is
prudent risk management. He would not name a firm target but said a three‑month
inflation rate of 2.8% would be acceptable; core inflation could fall materially
after data revisions.
