Fed Governor Christopher Waller said in a speech yesterday, “Inflation is far from the FOMC’s goal and not likely to fall quickly. This is not the inflation outcome I am looking for to support a slower pace of rate hikes or a lower terminal policy rate”

Separately, Cleveland Fed President Loretta Mester echoed and said, “We have to bring interest rates up to a level that will get inflation on that 2% path, and I have not seen the compelling evidence that I need to see that would suggest that we could start reducing the pace at which we’re going,”

Chicago Fed President Charles Evans said, “We have to look at the momentum in sort of that central component of inflation, and that’s really the part that I believe has most of my colleagues and myself nervous about.” Be he declined to comment on whether Fed would continue with 75bps hike and noted, we “will have a discussion about that.”

Minneapolis Fed President Neel Kashkari said, “Until I see some evidence that underlying inflation has solidly peaked and is hopefully headed back down, I’m not ready to declare a pause. I think we’re quite a ways away from a pause.”

“I fully expect that there are going to be some losses and there are going to be some failures around the global economy as we transition to a higher-interest rate environment, and that’s the nature of capitalism,” Kashkari said.

“We need to keep our eyes open for risks that could be destabilizing for the American economy as a whole. But to me, the bar to actually shifting our stance on policy is very high,” he said. “It should not be up to the Federal Reserve or the American taxpayer to bail people out.”

Atlanta Fed president Raphael Bostic said yesterday, “I would like to reach a point where policy is moderately restrictive –between 4 and 4 1/2 percent by the end of this year — and then hold at that level and see how the economy and prices react,”

There is “considerable speculation already that the Fed could begin lowering rates in 2023 if economic activity slows and the rate of inflation starts to fall,” Bostic said. “I would say: not so fast.”

“We should not let the emergence of (economic) weakness deter our push to lower inflation,” he added. “We must remain vigilant because this inflation battle is likely still in early days.”

San Francisco Fed President Mary Daly said Fed needs to raise interest further and hold restrictive policies in place until it’s “truly done” on bring back inflation to 2% target.

“Those interest rate increases slow the economy and they do have spillover effects on currencies in other countries,” Daly said, of the Fed’s interest-rate rises. “But central banks, no matter where you are, are meant to create policy for the nation that they serve, and then we have to be aware of how this affects the global economy because that’s part of the puzzle.”