Christopher Waller is a top Federal Reserve official and supports more aggressive rate hikes to tame inflation.

In a speech on Monday at the Institute for Monetary and Financial Stability in Germany, he said he believes there won't be a jump in the US unemployment rate.

The Fed governor said he was in favor of increasing the policy rate by at least half a percentage point.

Since January, the Fed has increased its policy rate by 75 basis points, to a target range of between 0.75% and 1%, in the face of mounting inflation.

The last time the Fed raised rates, by half a percentage point in early May, Federal Reserve Chair Powell said that the central bank would likely hike rates by 50 basis points at its next two meetings in June and July.

In his Monday remarks, Waller echoed recent comments by Powell that suggest the Fed is prepared to hike rates above its neutral level to curb inflation, although Powell didn't describe it as an explicit goal of the Fed.

By the end of this year, I support having the policy rate at a level above neutral so that it is reducing demand for products and labor, bringing it more in line with supply, and thus helping rein in inflation.

The neutral policy rate is the point at which monetary policy is neither restrictive nor accommodative. The Fed hasn't offered any guidance on where the neutral policy rate is, but officials have suggested a long-run interest rate of 2.4% is a good proxy.

In his view, the Fed will be able to pursue such aggressive hikes without putting too much of a damper on the unemployment rate, which stood at 3.6% in April.

The unemployment rate will increase, but only somewhat, because labor demand is still strong and vacancies are not as plentiful as they used to be.