Wash responds to external concerns, stressing that "the top priority is price stability"

Fed Chair Waller stated: "Although PCE and CPI data released this summer came in better than expected, they do not convince me that the underlying inflation trend has seen meaningful improvement." "Market prices reflect the market’s belief that we will achieve price stability. I can assure you that the market’s judgment is correct." Waller went on to say that with inflation remaining above 2%, the Fed’s "primary focus right now should be on prices." Waller’s highly anticipated remarks come as his pared-back communication strategy faces external criticism. Economists and market participants argue that this strategy has failed to provide clarity on the near-term economic and monetary policy outlook. Waller’s remarks appear to address these concerns, as he elaborated more deeply than before on his views of the economic situation and the Fed’s policy priorities under his leadership. He said: "Let’s also clarify another aspect of our goal: price stability will not be achieved automatically, nor will inflation necessarily return on its own. Achieving price stability is the Fed’s responsibility." It is widely expected that Waller will not take questions from attending central bank officials and economists.