Minneapolis Fed President Neel Kashkari (voter) published a note explaining that he dissented from the FOMC's decision to hold its target rate steady because he believes that the Fed has a role to prevent temporary inflation increases from supply shocks from turning into entrenched inflation and that he prefers gradual rate increases to suddenly raising rates when the need arises.
Dallas Fed President Lorie Logan (voter) said that she dissented in favor of a rate increase at the FOMC meeting due to elevated inflation, saying that "(m)odest action in the near term would reduce the likelihood of needing to take sharper action later."
Cleveland Fed President Beth Hammack (voter) said that she dissented due to inflation being "too high for too long" and that the longer it remains elevated, the more difficult and costly it will be for the FOMC to bring it down. She added that high inflation is a larger issue than slow employment growth at the moment.
Recent comments of note:
(July 29) The FOMC maintained the target range for the federal funds rate at 3.50% to 3.75% and made no major changes to the statement, but three Fed presidents -- Beth Hammack, Neel Kashkari, and Lorie Logan -- dissented in favor of a 25-basis point rate increase. There was no update to the Summary of Economic Projections at the meeting.
(July 29) Fed Chair Kevin Warsh (voter) said that the FOMC will continue to act to deliver price stability, with its goal of 2% fully intact. Warsh added that markets have more recently been reacting to incoming data and events in the absence of Fed forward guidance. He also commented that the decision to maintain its target range had little to due to the softer consumer inflation data for June, repeating that the FOMC is focused on trends and not one piece of data.