Christopher Waller

Christopher J. Waller
Born	1959 Nebraska City, Nebraska, U.S.
Occupation	Economist
Years active	1985–present
Known for	Member of the Federal Reserve Board of Governors

Christopher J. Waller is a distinguished American economist who has served on the Federal Reserve Board of Governors since 2020. Appointed by President Donald Trump, he received Senate confirmation in December 2020, with a term set to conclude in January 2030.

Prior to his appointment to the Board, Waller held the positions of research director and executive vice president at the Federal Reserve Bank of St. Louis. His scholarly work primarily addresses monetary theory, political economy, and macroeconomic theory.

Early life and education

Waller was born in Nebraska City, Nebraska, in 1959 and spent his formative years in South Dakota and Minnesota. He obtained a Bachelor of Science degree in economics from Bemidji State University in 1981, followed by a Master of Arts and a Ph.D. from Washington State University in 1984 and 1985, respectively.

Career

From 1985 until 1998, Waller was part of the faculty at Indiana University’s Department of Economics, progressing from assistant professor to associate professor and serving as director of graduate studies. Between 1994 and 1995, he was a visiting scholar at both the Federal Reserve Bank of St. Louis and Washington University in St. Louis. Subsequently, he joined the University of Kentucky as a faculty member from 1998 to 2003 and also held a research fellowship at the Center for European Integration Studies at the University of Bonn. Between 2003 and 2011, he occupied the Gilbert F. Schaefer Chair of Economics at the University of Notre Dame, taking a leave of absence starting in 2009.

In 2009, Waller transitioned to the Federal Reserve Bank of St. Louis as research director and later advanced to executive vice president. He was instrumental in the creation and expansion of the Federal Reserve Economic Data (FRED) platform and the Economic Education Program—both acclaimed globally. Additionally, he enhanced cooperative efforts with Washington University’s economics department.

President Donald Trump announced his intention to nominate Waller alongside Judy Shelton to the Federal Reserve Board of Governors in July 2019. Following Senate Banking Committee hearings held in February 2020, his nomination progressed with an 18–7 committee vote in July. The full Senate confirmed him on December 3, 2020, by a narrow margin of 48–47. He was officially sworn in remotely by Federal Reserve Chair Jerome Powell on December 18, 2020. His appointment is scheduled to last until January 31, 2030.

As of 2024, Waller participates on three committees within the Federal Reserve Board: he is a member of the Committee on Economic and Monetary Affairs; chairs the Committee on Federal Reserve Bank Affairs and Oversight Governor for RBOPS (Reserve Bank Operations and Payments Systems); and leads the Committee on Clearing, Payments, and Settlement.

Views

Waller’s academic focus lies in monetary theory, political economy, and macroeconomic theory. Both prior to and following his Federal Reserve Board appointment, he has been regarded as a monetary policy dove, favoring accommodative policies and maintaining low interest rates. He worked closely with St. Louis Fed President James B. Bullard—who advocated for rate cuts in 2019—arguing against increasing rates amid subdued inflation and elevated private savings.

With inflation rising in 2021, Waller advocated for tapering asset purchases—particularly mortgage-backed securities—to pave the way for interest rate hikes during 2022. By April that year, he endorsed more assertive rate increases aimed at curbing inflation that had surged above 6%, significantly surpassing the Federal Reserve’s target of 2%. In July 2022, together with Fed economist Andrew Figura, he released a paper predicting a "soft landing" for the U.S. economy characterized by only modest increases in unemployment concurrent with declining inflation—a forecast initially met with skepticism but largely confirmed by developments through 2024. As inflation abated that year, Waller supported lowering the Federal Reserve’s policy interest rate.

Regarding digital currencies issued by central banks (CBDCs), Waller has voiced reservations about their necessity given no evident failures within existing payment systems. Conversely, during The Clearing House Annual Conference in 2024, he described stablecoins as "synthetic" currencies that could potentially enhance financial markets by reducing inefficiencies but emphasized that their safety risks must be thoroughly addressed.

See also

• Federal Reserve
• Monetary policy