Fed governor Chris Waller says a rate hike should be on the table if this week's inflation data come in hot, his clearest signal yet he could back a July move. He lays out what he says is a “credible case” to hold steady if inflation cooperates but pairs it with this warning about talking tough without acting: "Sternly staring at inflation until it melts before our withering gaze is not an option.”(Nick Timiraos)