Fed's Waller says he would support a December rate increase

In a speech at the Bank of England Watchers Conference, Federal Reserve Governor Christopher Waller said: "I believe further tightening of monetary policy will be needed, sooner rather than later, to return inflation to a path that will reach 2 percent in the medium term." He said: "At our most recent meeting, I supported the FOMC majority in holding monetary policy at its current setting." Noting October CPI data were due "in a few hours", he said: "While I am hoping for an improvement over September, even if this occurs, I would still support a 25 basis point increase in the FOMC's policy rate at our December meeting."