Key facts
- Waller said further tightening will be needed, sooner rather than later, to return inflation to a path reaching 2% in the medium term.
- Waller said clear communication matters more than raising rates at consecutive meetings.
- The US Bureau of Labor Statistics was scheduled to publish October 2026 CPI figures on Tuesday at 8:30 am Eastern Time.
Federal Reserve Governor Christopher J. Waller said on Tuesday, November 10, 2026, that he is leaning toward supporting a 25-basis-point increase in the FOMC's policy rate at the December meeting, and that a larger move should be considered if inflation runs hotter than he expects.
Speaking at the Bank of England Watchers Conference in London, Waller said: "While I am hoping for an improvement over September, even if this occurs, I would still support a 25 basis point increase in the FOMC's policy rate at our December meeting. However, if inflation comes in substantially higher than I expect, more robust action by the FOMC may be called for."
He put a figure on the larger option: "In that case, I believe a 50 basis point hike in the policy rate should be considered at the December meeting. Hiking only 25 basis points would put our credibility at risk, a risk I am not eager to take."
Waller said further tightening will be needed, sooner rather than later, to return inflation to a path that reaches 2% in the medium term. He also said clear and credible communication matters more than carrying out hikes at consecutive meetings.
The US Bureau of Labor Statistics was scheduled to publish October 2026 Consumer Price Index figures on Tuesday at 8:30 am Eastern Time. Waller said his preference for a smaller move would hold even if October inflation shows some improvement over September.
A separate HousingWire Daily podcast episode, published November 11, 2026, discussed the inflation report and mortgage rates with editor in chief Sarah Wheeler and lead analyst Logan Mohtashami.