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Federal Reserve Governor Christopher Waller is scheduled to speak Friday at 1 p.m. before the Council on Foreign Relations in New York. Afterwards, CNBC's Steve Liesman will conduct a question-and-answer session.

Waller's remarks are the last before Fed officials enter a blackout period prior to their Jan. 31-Feb. 1 policy meeting. Markets widely expect the rate-setting Federal Open Market Committee to raise its benchmark interest rate another quarter percentage point, taking it to a target range of 4.5%-4.75%.

Other Fed officials in recent days have said they think rates still need to go higher, but in smaller increments than the hikes that boosted the fed funds rate by 4.25 percentage points in 2022.

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