Richmond Fed President Tom Barkin (nonvoter) said inflation risks are a greater concern at the moment for the FOMC than growth and employment risk, resulting in the 25-basis point rate increase that the most recent FOMC meeting, but did not forecast the rate path going forward.
Recent comments of note:
(Sept. 21) Chicago Fed President Austan Goolsbee (nonvoter) said that strong demand could also be driving inflation and that the Fed's job of lower the pace of price growth back down to the 2% goal may necessitate further rate increases that could negatively impact employment and economic growth.
(Sept. 18) Kansas City Fed President Jeffrey Schmid (nonvoter) said that he agreed with the FOMC's decision to raise the target for federal funds rate by 25 basis points, saying that inflation remains elevated.
(Sept. 16) Fed Chair Kevin Warsh said that inflation remains elevated while the labor markets is strong, leading the FOMC to act to slow inflation at is meeting. Warsh repeated that the labor market remains strong and the economy as a whole is strengthening, putting the emphasis on lowering inflation.
(Sept. 16) At its meeting, the Federal Open Market Committee voted 12-0 to raise the target range for its federal funds to 3.75% to 4.00% saying that inflation remains elevated and raising the target range will "support a timelier return to the Committee's 2% goal." The updated Summary of Economic Projections suggested a further rate increase is possible for 2026, followed by no adjustment in 2027 before the rate is reduced in 2028. However, nearly half of the participants said one more increase may be needed in 2027, so the median could shift at the next update.