(Reuters) – The U.S. Federal Reserve should increase interest rates by a halb percentage point at each of its next two meetings. This was said Monday by Fed Governor Christopher Waller. It underscores tensions at Fed about how aggressively it will tighten policies as it fights high inflation.

Waller stated that he supports tightening the policy to increase it by 50 basis points for several meetings. This was in prepared remarks made in Frankfurt, Germany to the Institute for Monetary and Financial Stability. “In particular, until I see inflation falling closer to the 2 percent target, I won’t take off 50 basis points.”

Half a point was added to the Fed’s benchmark rate earlier in the month. It now targets a range between 0.75 and 1.1%. The Fed plans additional increases at its two next meetings, which will be held in June and July.

At the Fed, the discussion has moved to interest rate increases for the rest of the year. Most Fed policymakers said that they prefer to wait until the inflation rate drops over the summer, before they decide whether to raise or reduce interest rates in September.

Raphael Bostic from Atlanta Fed, the President of Fed, stated last week that he supports a “pause” at the September Fed meeting, to allow for time to evaluate the Fed’s movements on the economy, and inflation.

James Bullard of St. Louis Fed has indicated that he expects the Fed rate hike to 3.5% this year. That would be half the percentage point increases expected at the remaining Fed meetings.

Waller indicated that he wanted to see the central banks raise their policy rate past neutral, which is the point at which the economy neither stimulates or constrains growth. Bullard was less assertive than Waller. Waller explained that the current federal funds rate is expected to be between 2.50% and 2.75 percent by year’s close. He also noted that his plans for increasing rates were not any different.

The Fed has made its moves thus far to meet a selloff in equity markets and an increase in U.S. Treasury yields. There is also concern that the Fed will become more aggressive and cause recession.

The Russian war in Ukraine and China’s Zero COVID-19 policies have exacerbated fears of economic collapse. These have also entangled supply chain networks.

Waller expressed optimism that the robust labor market will be able to support higher rates, without significant unemployment increases. Waller also stated that, should inflation persists in high levels of concern, he was prepared to go after rates more aggressively.

Already there are signs that inflation is at an all-time high. The Commerce Department reports that the inflation rate, which is the Fed’s favorite gauge, climbed 6.6% over March to 6.3% in April.

The so-called core PCE price index rose by 4.9% year on-year in April, after increasing 5.2% in March. This was the second consecutive month in which the core PCE price index reflected the increase declined.

Waller did not seem to be affected by the readings. “No matter which measure is considered…headline inflation has come in above 4% for about a year and core inflation is not coming down enough to meet the Fed’s target anytime soon.”