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Opinion
Brian Chappatta

Federal Reserve’s Rookie of the Year Sets the Tone for 2022

Christopher Waller joined the central bank’s Board of Governors last December and quickly got ahead of the monetary-policy curve.

Fed Governor Christopher Waller’s track record speaks for itself.

Fed Governor Christopher Waller’s track record speaks for itself.

Photographer: Bess Adler/Bloomberg

In just a year, Federal Reserve Governor Christopher Waller has emerged as a powerful voice from within the central bank about the state of the U.S. economy and the direction of monetary policy. Investors ought to heed his outlook for 2022, which includes raising interest rates as soon as March and moving quickly to trim the Fed’s $8.8 trillion balance sheet.

Waller, who took office on Dec. 18, 2020, was previously research director of the St. Louis Fed and viewed as a moderate pick from President Donald Trump. After making his first set of projections for the economy and the fed funds rate at the central bank’s meeting in March, the rookie governor’s comments largely toed the party line. “We’re a long ways from raising rates at this point,” Waller said on March 29.