Fed Governor Lisa Cook said, “Inflation is too high, it must come down and we will keep at it until the job is done. This likely will require ongoing rate hikes and then keeping policy restrictive for some time.”

“Policy must be based on whether we see inflation actually falling in the data, rather than just in forecasts. Policy should remain focused on restoring price stability, which will also set the foundation for a sustainably strong labor market,” she said.

Philadelphia Fed President Patrick Harker said yesterday, “We are going to keep raising rates for a while. Given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above 4% by the end of the year.”

“Sometime next year, we are going to stop hiking rates. At that point, I think we should hold at a restrictive rate for a while to let monetary policy do its work,” he said. “It will take a while for the higher cost of capital to work its way through the economy. After that, if we have to, we can tighten further, based on the data.”

Chicago Fed President Charles Evans said yesterday, “inflation is just much too high, and so we need to continue on the path that we’ve been indicating — at least that. And I’m hopeful that that will be enough.”

“Continued increases in the funds rate along the lines of our September SEP (Summary of Economic Projections) could lead to a economic outlook where we’re going to see below-trend growth — we’ll be challenged in that regard — we’ll see the unemployment rate go up, but I think that it won’t take off,” Evans said.

“I think if we have to increase the path of the funds rate much more, though, it really does begin to weigh on the economy. I worry that it’s sort of a nonlinear kind of event.”

St. Louis Fed President James Bullard said yesterday that Fed’s goal is to front-load aggressive rate hikes to move to “some meaningfully restrictive level” that would push inflation down.

For November meeting, Bullard said the results “has been more or less priced in to markets” for a 75 basis-point hike, even though he’d prefer to decide at the meting. As for December, didn’t want to “prejudge”.

Then, in 2023, “I think we’ll be closer to the point where we can run what I would call ordinary monetary policy,” he said. “Now you’re at the right level of the policy rate, you’re putting downward pressure on inflation, but you can adjust as the data come in in 2023.”

Minneapolis Fed President Neel Kashkari said yesterday that while headline inflation may have peaked, there is no evidence that core inflation has stopped climbing. So, “I can’t see how I would recommend pausing interest rate increases,” he added.

“My best guess right now is yes, do I think inflation is going to level out over the next few months, the services, the core inflation, and then that would position us some time next year to potentially pause,” he added.

“I’ve seen very little evidence in my region that the labor market is softening,” Kashkari said. “The No. 1 issue I hear from businesses small and large is that they’re struggling to find workers, how they’re having to pay more wages to keep their employees and to attract employees.”