Fed Board of Governors member Christopher Waller favors raising the key interest rate by 50 basis points at each meeting until inflation in the United States begins to decline.

“I support tightening monetary policy by 50 basis points at several more meetings,” Waller said, speaking at an event in Frankfurt. – I wouldn’t rule out a 50 bps hike until I am confident that inflation is easing toward our 2% target.”

Waller also noted that the rate could go above neutral later this year to slow demand and bring it in line with supply, thus slowing inflation. Overall, the Fed considers a neutral rate level of around 2.25-2.5%.

The Fed raised the benchmark interest rate at the end of the May meeting by 50 basis points, the rate range is now 0.75% to 1% per annum. The Fed is expected to raise the rate at the same pace at least two upcoming meetings.