Federal Reserve Governor Christopher Waller, an influential voice in policymaking who until recently had advocated for lower interest rates, on Friday said the ​Fed should axe the "easing bias" from its policy statement and ​effectively open the door to a possible rate hike.

The Federal Reserve isn’t going to reduce borrowing costs anytime soon because of resurgent inflation, but a rate hike is also off the table for now as the regime of new Chair Kevin Warsh gets underway.