“Criticism of what we do, that’s the job,“ Fed Governor Christopher Waller said in an interview with Bloomberg Television. “If you don’t like being criticized, don’t take the job.”
Waller's remarks follow heavy criticism from Trump about the Fed's decision not to cut rates since his return to office.
Trump's suggestion that he could fire Powell before his term expires next year -- which he has since walked back -- sent markets tumbling on fears he may follow through on his threats and undermine the Fed's fight against inflation independent of government pressure.
His comments put him at odds with several of his colleagues on the Fed's rate-setting committee, who have warned that inflation could become more embedded in the economy.
In the interview, Waller said he did not expect any serious economic effects from the tariffs before July, when Donald Trump's 90-day pause on higher tariffs against dozens of countries is due to end.
“It wouldn’t surprise me that you might start seeing more layoffs, a tick up in the unemployment rate going forward if the big tariffs in particular come back on,“ Waller said.
Financial markets currently see a probability of more than 95 percent that the Fed will vote to pause rate cuts for a third straight meeting next month, leaving its key lending rate at between 4.25 and 4.50 percent, according to data from CME Group.
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