Fed's Waller (voter) says if expectations over the next 2/3/4 years rise, that is a problem

Typically prefer market-based measures of inflation expectations. If shorter run expectations go up, that is alarming, may have to take steps then. No way we could go back to the small balance sheet of 2008. Want to run an ample reserve type system. Do not want to go back to a scarce reserve system.  Have not spoken to incoming Fed Chair Warsh about policy. It is "crazy" given recent data, to be talking about rate cuts in the near future.  I have very strong beliefs in the need for central bank independence.  Recent labour and inflation data turned me on rate bias.