Christopher Waller (Federal Reserve Governor) told CNBC that CNBC might need one or two 50-basis point interest rate increases this year by the central bank in an effort to curb inflation.

He voted for only this week, however a 25-basis-point moveWaller stated that he believes the Fed might need to become more aggressive due to the uncertainty surrounding the Russian invasion in Ukraine.

He said that he supports frontloading rates hikes and that he believes we must do more withdrawal of accommodation now to reduce inflation in later years.Squawk Box” interview. In that spirit, frontloading it means that you pull rate increases forward. This would mean 50 basis points at one meeting or more in the near future.

Waller stated that in addition to rate increases, he believes the Fed should start to reduce its bond holdings quickly.

To increase the central bank’s balance sheet, just over $9 trillionOfficials are now preparing to begin rolling off their holdings. Waller stated that the process should begin “in the next meeting”

He said, “We are in a new place.” He said, “We now have a larger balance sheet and the economy is in an entirely different situation.” Inflation is rampant. We’re now in a situation where we can draw down large amounts of liquidity from the system, without doing too much harm.”

Waller made his comments less than two hours following James Bullard, President of St. Louis Fed, who had just spoken the same thing. said the Fed should raise ratesIn total, at least 300 base points will be earned this year. Basis points are 0.01 percentage points.

Bullard was the sole policymaker who voted against this week’s quarter-point rise. Bullard said that the Fed should increase by only half a percent as part a deliberate policy to reduce inflation, which is at an all-time high of 40 years.

Waller had also been pushing for 50 basis points, prior to this meeting. However, he said that he has a change in heart and is now willing to accept the current situation.

He said, “The data is basically telling us that we should go 50 but the geopolitical factors were warning you to proceed with caution.” I was compelled by these two factors to oppose a 50-basis point hike, and support the 25 percent hike we adopted.

A full Federal Open Market Committee recommended rate hikes to push the benchmark fed fund rate (which banks charge for overnight lending) to 1.75%.

Waller stated that he thinks the Fed should aim a bit higher than this. Waller did not say how high, but he said that the neutral rate that is neither restrictive nor stimulative is between 2% and 2.25%. The Fed should aim to “try to exceed that” by year’s end.

This week’s Fed rate increase was the Fed’s first in over three years.