(Reuters) – The Federal Reserve must raise interest rates quickly if the high rate of inflation doesn’t subside soon, said Fed Governor Christopher Waller on Monday.

Waller declared, “If inflation does not go away, then that… rate will soon rise a lot faster,” after delivering a speech to the Institute for Monetary and Financial Stability (Frankfurt, Germany). “We won’t wait for six months…I advocate 50 at each meeting until we experience substantial decreases in inflation. I can’t believe we won’t get there until then.