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When asked about the recent bond auction that fell short of expectations, Waller clarified the Federal Reserve's position: they do not intervene directly in such scenarios. He emphasized that the recent price movements in the bond market reflect market anxieties regarding fiscal policy, particularly the ongoing legislative bill being discussed in Congress. The concern centers around the federal deficit, which has swelled to $2 trillion in recent years—an unsustainable level, according to Waller.