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Federal Reserve Governor Christopher Waller on Friday said he expects a significant interest rate increase later this month. He added that policymakers should stop guessing about the future and instead base their decisions on data.

“Looking ahead to our next meeting, I support another significant increase in the policy rate,” Waller said in remarks prepared for a speech in Vienna. “But, looking further out, I can’t tell you about the appropriate path of policy. The peak range and how fast we will move there will depend on data we will receive about the economy.”

Those comments echoed the recent sentiment from Fed Chair Jerome Powell, Vice Chair Lael Brainard, and others, who said they are determined to curb inflation.

“Based on all of the data that we have received since the FOMC’s last meeting, I believe the policy decision at our next meeting will be straightforward,” he said. “Because of the strong labor market, right now there is no tradeoff between the Fed’s employment and inflation objectives, so we will continue to aggressively fight inflation.

Waller pointed out welcome signs that inflation is moderating from its highest peak in more than 40 years.

The personal consumption expenditures price index, which is the Fed’s preferred inflation gauge, soared 6.3% from a year ago in July — 4.6% excluding food and energy, which is still better than the central bank’s 2% long-run goal, and Waller said inflation remains “widespread” even with the recent softening.

He added that inflation seemed to be softening at one point last year, then turned sharply higher to where the consumer price index skyrocketed 9% on a year-over-year basis at one point.

“The consequences of being fooled by a temporary softening in inflation could be even greater now if another misjudgment damages the Fed’s credibility. So, until I see a meaningful and persistent moderation of the rise in core prices, I will support taking significant further steps to tighten monetary policy,” he said.