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Fed’s Waller promises to tackle inflation, says mistakes of the ’70s won’t be repeated – CNBC

 

KEY POINTS
  • Fed Governor Christopher Waller pledged that the central bank won’t make the same mistakes on inflation as its 1970s predecessor.
  • “We know what happened for the Fed not taking the job seriously on inflation in the 1970s, and we ain’t gonna let that happen,” he said.

Federal Reserve Governor Christopher Waller pledged Tuesday that the rate-setting group wouldn’t make the same mistakes on inflation that it did in the 1970s.

Back then, he said during a panel chat with Minneapolis Fed President Neel Kashkari, the central bank talked tough on inflation but wilted every time tighter monetary policy caused an uptick in unemployment.

This time, Waller said he and and his colleagues will follow through on its intentions to raise interest rates until inflation comes down down to the Fed’s targeted level. The central abnk has raised rates twice this year, including a half percentage point move last week.

“We know what happened for the Fed not taking the job seriously on inflation in the 1970s, and we ain’t gonna let that happen,” Waller said. Read More…