(Reuters). Federal Reserve Governor Christopher Waller declared Tuesday that the time is right to increase interest rates to address inflation.

Waller stated to the Economic Club of Minnesota that it was time for rates to be raised now, when the economy is ready. Get it done now, front-load it. Then we will be able to assess the progress of the economy later. And if it takes more effort, we’ll do it.

A half-point increase in interest rates was made by the U.S. central banking last week. Fed Chair Jerome Powell suggested that similar rate rises would be possible during the Fed’s next two policy meeting.

Waller was asked by Waller why the Fed doesn’t raise rates faster, even though inflation is so high.

Waller stated, “It is not a shock and awe Volcker moment,” referring to Paul Volcker (ex-Federal Chair), who was responsible for fighting inflation during the 1980s. He pushed the rate up by as high as four percentage points per year and led to a severe recession.

Waller explained that the Fed was unable to stop inflation, despite the fact that it had been rising for years.

According to him, the current round of inflation is only about one year old.

Waller claimed, “We’re on it already and there’s no backing us off.” Waller said that there are other advantages, such as the strength of the labor market and the economic recovery. Now is the best time to get on it.