Fed Chair Waller's Economic Overheating Judgment Questioned

Recent economic data from the United States shows that both economic growth and inflation are heating up, challenging Fed Chair Waller's assessment that the economy is not yet overheating. The market continues to bet that the Fed will raise interest rates in December. Data released by the U.S. Department of Commerce indicates that the real Gross Domestic Product (GDP) grew at an annualized quarterly rate of 3.4% in the third quarter, exceeding market expectations. During the same period, consumer spending increased by 3.8%, and business equipment investment rose by 20.9%. Waller stated the day before the data was released that he does not believe the U.S. economy is running hot and does not want to hinder economic expansion through excessive tightening of monetary policy. However, the latest data suggests that despite market expectations for continued rate hikes by the Fed, there has not been a noticeable slowdown in U.S. economic activity.

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