Christopher Waller, a member of the Board of Governors of the Federal Reserve System (Fed), is ready to support a 75 basis points (bps) increase in the U.S. central bank’s benchmark interest rate at the July meeting if the situation in the U.S. economy meets his expectations.

“The Fed is determined to bring back price stability,” Waller said at a conference in Dallas on Saturday.

He noted that the Fed took an important step toward meeting its 2% inflation target last week by raising the rate immediately by 75 bps. – To 1.5-1.75%.

The risks of a US recession, he said, are “somewhat exaggerated”.

Waller devoted the bulk of his speech to analyzing how the Fed’s promise to keep rates low after a recession in the U.S. economy in 2020 due to a pandemic provided it with enough flexibility to adapt to changing conditions in 2021, The Wall Street Journal reported.

Fed Chairman Jerome Powell said during a press conference following the June 14-15 meeting that the central bank could raise the rate again by 75 bps at the July meeting.