Fed Governor Michael Barr (voter) said that the economy is growing and consumer spending remains solid, but inflation is still too high and if there no signs of it moderating, the FOMC should "act decisively to raise rates."
Recent comments of note:
(Aug. 28) Fed Chair Kevin Warsh (voter) said in his Jackson Hole address that inflation is the more concerning part of the Fed's dual mandate, committed to the 2% inflation target and repeated his belief that forward guidance can handcuff the Fed from making decisions. Warsh said that it is the Fed's duty to deliver price stability, adding that it is not something that will happen on its own.
(Aug. 27) Cleveland Fed President Beth Hammack (voter) said in an interview with CNBX that the FOMC should act now to help move inflation back to target, adding that the pain for business and consumers will be greater if the FOMC waits.
(Aug. 25) Boston Fed President Susan Collins (nonvoter) said that she approved of the FOMC's decision to hold interest rates steady at its most recent meeting but said that monetary policy needs to "be nimble" and that continuing to hold rates steady will require proof that inflation is slowing, with rate hikes possible if that proof is lacking.
(Aug. 19) Minutes of the July 28-29 FOMC meeting showed wide support for maintaining rates and to wait for more information before raising them, but there was discussion that the sooner rate hikes are started, the less likely that swift increases will be needed at later meetings. Fed Chair Kevin Warsh presented a suggestion to reduce the number of meetings to eight from the current six, but no decision was made and any changes would not be implemented until after 2026.