BlockBeats News, May 22, Federal Reserve Governor Waller said on Friday that given the growing risk of inflation, the Fed should no longer consider further interest rate cuts as the default plan. Just in January this year, Waller supported a rate cut. In his speech, Waller stated that with the ongoing Middle East conflict, the rising costs of oil and other commodities are increasingly likely to trigger broader and more persistent inflation in the economy.

He said, therefore, it is time for the Fed to stop signaling that the next action is most likely another rate cut. Waller indicated that for the foreseeable future, keeping rates stable in the current range of 3.5% to 3.75% is likely the right approach. He added, "If inflation does not quickly diminish, I can no longer rule out the possibility of future rate hikes." (FXStreet)