Key takeaways: 

• Federal Reserve board member Christopher Waller stated Wednesday that he predicts interest rates to increase much over the next some months.
• In a CNBC interview, Waller said existing data on inflation and the general strength of the economy explain half-percentage-point increases ahead.
• The Fed typically increases in 25-basis-point increments.

Bringing inflation under control will need to raise interest rates faster than usual even though the price increases likely have peaked, Federal Reserve board member Christopher Waller said Wednesday.

That means the central bank probably will hike short-term rates by half a percentage point, or 50 basis points, at its meeting in May and maybe follow it up with similar moves in the next several months; Waller told CNBC. 

The Fed typically increases in 25-basis-point increments. A basis point equals 0.01%.

“I think the data has come in just to keep that step of policy action if the committee decides to do so and provides us the basis for doing it,” he stated during a live “Closing Bell” interview with CNBC’s Sara Eisen. “I like a front-loading approach, so a 50-basis-point hike in May would be compatible with that, and maybe more in June and July.”

Markets already have nearly priced that rising level at next month’s Federal Open Market Committee meeting and the following session in June, according to CME Group data that tracks move in the fed funds futures market. Pricing for July also is leaning that way, with a 56.5% chance of another 50-basis-point hike.

That means that should the Fed decide to move aggressively; it won’t come as a surprise.

Waller said he believes the central bank can now pull off the tighter policy because the economy is robust enough to sustain higher rates. The Fed is looking to raise rates to stave off inflation running at its highest levels in almost 40 years.