The U.S Federal Reserve needs to maintain focus on bringing down high inflation even if it runs the risk of causing economic harm, Fed Governor Christopher Waller said Thursday.

"We're going to get inflation down. That means we are going to be aggressive on rate hikes and we may have to take the risk of causing some economic damage, but I don't think given how strong the labor market is right now that that should be that much," Waller said during a discussion with the National Association for Business Economics.