Dallas Fed President Lorie Logan (voter) suggested that the federal funds rate may need to be raised due inflation that has been elevated for an extended period and is showing few signs that it is moving back to the Fed's 2% target.
Recent comments of note:
(July 15) Fed Chairman Kevin Warsh (voter) repeated that the FOMC will take ownership of inflation and take actions if needed to bring it back toward the 2% goal but did not provide forward guidance. Warsh again said that monetary policy caused inflation through its policy and that would not be the case under his leadership, adding that he will make policy decisions independent of political influence. He also noted that AI will likely raise prices but should be followed by productivity gains that will slow that price inflation.
(July 15) Fed Governor Lisa Cook (voter) said it was appropriate to hold interest rates steady at its last meeting to see how inflation progresses, noting that risks continue to be weighted toward higher inflation. She added that she is prepared to act if she does not see signs of disinflation in the near term.
(July 15) New York Fed President John Williams (voter) said that economic growth is solid and the labor market is stable but noted that inflation remains above the Fed's 2% goal and needs to be brought down. Williams added that the stance of monetary policy is "well positioned" to deal with inflation, which he expects to slow in coming quarters.