WALLER said that after reviewing CPI and PPI data he now has a reasonably 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.