Fed's Waller open to leaving rates unchanged at September meeting if inflation cools

Investors have been pricing in solid odds of a quarter-percentage-point rate hike at this month's Fed meeting. In recent weeks a wide range of central bank officials has signaled ongoing concern about inflation, with some calling for rate hikes and others signaling openness to action to bring what have been persistent above-target price pressure readings back to the target.

Speaking last week at the Kansas City Fed's Jackson Hole economic symposium in Wyoming, Fed Chairman Kevin Warsh indicated that if inflation pressures did not moderate, action from the Fed to ensure they did was likely.

In his remarks on Thursday, Waller said his main policy focus at this time is on inflation, given the solid performance of the overall economy and the relative stability of the labor market.