Federal Reserve Governor Christopher Waller on Thursday laid out the case for a “concerted” effort to rein in inflation, calling for raising interest rates a full percentage point by mid-year, starting with a half-percentage-point hike in March if data in coming weeks continues to point to an “exceedingly hot” economy. “I believe appropriate interest rate policy brings the target range up to 1 to 1.25 percent early in the summer,” Waller said at the University of California, Santa Barbara, Economic Forecast Project. The Fed should also start trimming its $9 trillion balance sheet “no later than” its July meeting, he said. Once initial rate hikes are made, further increases would be in order if inflation stayed high, Waller said, or could slow or pause if inflation moderates in the second half as he expects. “Of course, it is possible that the state of the world will be different in the …