Fed's Waller (voter) says should remove easing bias from statement, not advocating for a hike at the moment; Do not expect to support a change in the policy rate in the near term, outcome will depend heavily on length of Iran conflict

Labour market is in balance and no longer the chief concern in determining path of policy. Concerned about climbing expectations as Fed's inflation miss enters sixth year. If expectations start to become unanchored "would not hesitate" to support a rate hike. Inflation at risk of becoming more persistent, with price pressures broadening. No sign Ai investment boom will slow. So far high energy costs have not crimped consumer spending. Cannot rule out hikes if inflation does not abate soon.