federal reserve governor Christopher Waller is convinced US Federal Reserve is on track as its rate hikes so far “haven’t broken anything”.

“For all the talk of the economy crashing and the financial markets collapsing. It didn’t do it,” Waller said at an economics conference organized by UBS in Australia to a report from Reuters.

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However, stocks and bonds have taken a hit this year on the back of these movements. That SPDR S&P 500 ETF Trust SPY is down over 16% so far this year while the Vanguard Total Bond Market Index Fund ETF BND has lost 15%. That Invesco NASDAQ 100 ETF QQQM has lost over 28%.

No softening: The Fed could expect to slow the pace of rate hikes at its next meeting, but that shouldn’t be viewed as “softening” to bring down inflation, Waller said.

“We’ve gotten to a point where maybe we can think about slowing down,” Waller said, adding, “We’re not going softer … stop looking at the pace and start going for it.” pay attention to where the endpoint goes. Until we bring inflation down, that endpoint is still a way out,” Waller said.

According to him, a 7.7% annualized rise in inflation recorded in October is still “huge,” and if the central bank pulls back from a three-quarter point rise to a half-point rise at its next meeting, “you’re still going up.”

“We need to see this type of behavior continue and inflation slowly coming down before we really think about taking our foot off the brake,” Waller said.

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