Waller at the Fed: The latest inflation data came as no surprise

The Fed will continue its plan to raise rates to get inflation under control. The consumer price index for March is "almost a peak," Waller added.

Waller also noted, Higher mortgage rates will affect how much people will buy homes for. Prices will come down in the coming months.

"The Fed wants to get above neutral by the second half of 2022. I expect a 50 basis point rate hike in May."

"Preventing a recession is quite possible," Waller.