"Governor Waller Discusses Economic Outlook and Tools for Stabilization"

Federal Reserve Governor Waller discussed the economic outlook and recent turmoil in banking, including the failure of Silicon Valley Bank and Signature Bank. The Fed has implemented lending tools such as the Bank Term Funding Program and the discount window to provide liquidity and stabilize the banking system. Despite strong economic growth and job creation, inflation remains much too high, and monetary policy needs to be tightened further. The extent of tightening will depend on incoming data on inflation, the real economy, and the extent of tightening credit conditions.