Fed Governor Waller says the FOMC's rate rise lifted the policy rate to 3.75 to 4 percent
8 October 2026
On 8 October 2026 Federal Reserve Governor Christopher Waller gave a speech titled "The Signaling Value of the Summary of Economic Projections".
In September the FOMC raised the policy rate 25 basis points to 3.75 to 4 percent, ending nine months of holding steady.
He said August core PCE inflation was 0.25 percent for the month and 3 percent over 12 months.
In the Summary of Economic Projections, 16 of 18 participants expected at least one more hike this year.
Waller named the Middle East conflict and high energy prices, the AI buildout and trade-related tariffs as upward pressures on prices.
In plain words
FOMC Federal Open Market Committee — The Federal Reserve committee that votes on the policy rate.
Basis point One hundredth of a percentage point — A 25 basis point move equals 0.25 percentage point.
PCE Personal Consumption Expenditures — The price index the Federal Reserve uses to judge its 2 percent inflation goal.