Federal Reserve Chair nominee Waller stated that the cost of living might be a more pressing issue, requiring fundamental policy reforms and a new inflation framework. He also mentioned that the Fed has stuck to its forecasts longer than it should have. This statement is quite intriguing, suggesting that Waller might be considering an indirect adjustment to how inflation levels are assessed, potentially leaving room for future rate cuts. This is similar to Powell's previous approach—back then, the Fed was laser-focused on inflation targets. Later, under pressure, Powell said they also needed to consider employment conditions. As a result, when employment struggled, multiple rate cuts followed. If Waller is saying this, the future might be a bit more optimistic.