A hot inflation reading this week could mean a rate hike soon, Fed’s Waller says

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While declining oil prices will likely bring headline inflation down, core readings excluding energy and food may be sticky

Updated July 13, 2026, 1:10 p.m. ET

There is a chance the Federal Reserve will need to raise interest rates soon if inflation readings this week disappoint, Fed governor Christopher Waller said Monday.

“If we get another hot reading on core inflation this week, then the [Federal Open Market Committee] will need to consider tightening monetary policy in the near term,” Waller said, in a speech prepared for delivery to the New York Association for Business Economics.

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A hot inflation reading this week could mean a rate hike soon, Fed’s Waller says

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