Christopher Waller, a member of the Federal Reserve Board of Governors, told a conference on May 6 that the Fed was not falling short of its mandate.

He defended the actions of the US central bank, saying critics were not giving due weight to its successes on unemployment and the role of forward guidance.

Forward guidance was as effective as rate hikes at tightening monetary conditions, Waller argued.

“The two-year Treasury yield, which I view as a good market indicator of our policy stance