Fed's Waller: Prefers a 50 bps rate hike in May, and possibly more in June and July

Fed board of governors member Christopher Waller said on Wednesday that he supports a 50 bps rate hike at the upcoming May Fed meeting, and possibly more hikes of the same margin at the June and July meetings, reported Reuters citing comments made in a CNBC interview. 

Additional Remarks:

• The high inflation in the latest Consumer Price Inflation (CPI) report was not surprising. 
• The Fed will continue with its plan for rate hikes and reducing accommodation to get inflation under control. 
• March CPI was "pretty much the peak".
• The Fed will start seeing some relief on inflation in the coming months, but that doesn't relieve the need for us to raise rates. 
• "We want to get to above neutral in the later half of this year." 
• "Higher mortgage rates will have a bite on how much people can pay for houses, so we will see downward pressure on prices in the coming months."
• It's completely feasible to avert a recession. 
• "We can pull back demand for labor, and not have a big impact on jobs."
• "We can get prices down without causing a recession."
• "We are not in a Volcker moment."
• "We don't need to cause a shock, but we will do what it takes to get inflation back down, though we can do it in an orderly way."
• "This is a good time to do aggressive actions because the economy can take it."