Chicago Fed President Charles Evans said while interest at 3-3.25% is restrictive, ” with inflation as high as it is, and getting inflation under control being job one, it’s not nearly restrictive enough.”

“The risks continue to be high about more persistent inflation, and we just really need to get inflation in check,” Evans said.

Evans added that he expects interest rate to reach top by March.

Atlanta President Fed Raphael Bostic said yesterday, “the lack of progress thus far has me thinking much more now that we have to get to a moderately restrictive stance. And for me, that is in the 4.25% to 4.5% range for our policy. My preference is that we get there by year end.”

Bostic said that his expects another 75bps rate hike in November, followed by 50bps in December. But he added that “I don’t think it’ll be appropriate for us to continue to tighten and increase your rates until inflation gets to 2%. That will be guaranteeing that we’ve gone too far and we’ll take the economy into a negative space.”

“I’m still in the place of not really thinking that a recession is a foregone conclusion as we battle this,” he said. “So we can have some weakening, but I don’t think it, at this point, will take us to the historical recessionary experience.”

Philadelphia Fed President Patrick Harker said in an article, “inflation is far too high across most goods and services in our economy. But I find shelter inflation, along with food inflation, particularly alarming…. We must do everything we can to get shelter inflation under control.”

“Monetary policy has a role to play here, and the Federal Reserve is working to stabilize inflation and put the economy on a firmer footing for the long haul,” he said. “But getting shelter inflation under control will require action not just by the Fed, but also by federal, state, and local governments.”

Full article here.

Minneapolis Fed Bank President Neel Kashkari said yesterday, “We are moving very aggressively. There’s a lot of tightening in the pipeline. We are committed to restoring price stability but we also recognize given these lags there is a risk of overdoing it.”

“We are committed to restoring price stability, but we also recognize, given these lags, there is the risk of overdoing it on the front end, and so I think we are moving at an appropriately aggressive pace,” he said.

“The economy is sending us a lot of mixed signals right now,” Kashkari said. “We need to keep tightening policy until we see some compelling evidence that core inflation is actually having peaked and is on its way down,”

“And then I think we need to sit there and we need to pause and wait and let the tightening work its way through the economy to see at that point, have we done enough?”

Chicago Federal Reserve President Charles Evans told CNBC, “There are lags in monetary policy and we have moved expeditiously. We have done three 75 basis point increases in a row and there is a talk of more to get to that 4.25% to 4.5% by the end of the year, you’re not leaving much time to sort of look at each monthly release. ”

“I still believe that our consensus, the median forecasts, are to get to the peak funds rate by March — assuming there are no further adverse shocks. And if things get better, we could perhaps do less, but I think we are headed for that peak funds rate,” Evans said.

“That offers a path for employment, you know, stabilizing at something that still is not a recession, but there could be shocks, there could be other difficulties,” he added.