"I feel like an MMA fighter who keeps getting inflation in a choke hold, waiting for it to tap out yet it keeps slipping out of my grasp at the last minute," Waller said at a conference hosted by the American Institute for Economic Research.
"After making a lot of progress over the past year and a half, the recent data indicate that progress may be stalling," Waller said.
Waller added that it was "a risk but not a certainty" that inflation might get stuck above the Fed's 2% target. He pointed to similar inflation concerns last year that proved to be temporary.
Waller said, he favors a rate cut at the Fed's Dec. 17-18 meeting. But that decision largely rests on "whether data that we will receive before then surprises to the upside and alters my forecast for the path of inflation."
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