Federal Reserve Governor Christopher Waller said the surge in long-term US Treasury yields is helping to curb demand in interest-rate-sensitive sectors such as housing and automobiles, doing some of the work of tighter monetary policy. In a conversation with Bloomberg's Saleha Mohsin at the Bloomberg's New Economic Forum, Waller said higher yields are "doing a little bit of the work" of tighter monetary policy, although that isn't the Fed's intention.