Waller, The Economic Outlook and Some Thoughts on Labor Market Dynamism

AI desk brief

Fed Governor Christopher Waller favored a 25-basis-point December hike but said 50 basis points should be considered if October core CPI rose around 0.3% or more; the release was still pending. Speaking November 10, 2026, he cited September headline PCE inflation of 3.7% year-on-year and core inflation of 3.1%, alongside strong activity and stable employment. He warned energy pressures could persist into 2027 if oil stayed elevated. His views were personal, not FOMC guidance. Tightening could pressure gold if it raises expected real yields or strengthens the dollar, although persistent inflation provides a competing channel.