The Federal Reserve is doing all it can to avoid “collateral damage” from raising interest rates, but rate increases are a “brute-force tool” that can act as a “hammer” on the economy, says Fed Governor Christopher Waller.

“When you have to use a brute-force tool, sometimes there’s some collateral damage that happens,” Waller said Monday at a ‘Fed Listens’ event in Nashville that was also broadcast virtually. “We’re trying to do this in a way that there’s not much of it, but we can’t tailor policy.”

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