San Francisco Fed President Mary Daly told Bloomberg TV overnight that 50bps rate hike “is the case” for September FOMC meeting. But added, “I am open to 75 should the data evolve differently.”

Daly didn’t expect rate cuts to quickly follow the current tightening cycle once inflation is conquered. “I don’t see this hump-shaped part where we raise interest rates to really high rates and then bring them down,” she said. “I think of raising them to a level that we think is going to be appropriate and then holding them there.”

In an FT interview, San Francisco Fed President Mary Daly said , “there’s good news on the month-to-month data that consumers and business are getting some relief, but inflation remains far too high and not near our price stability goal,”

“This is why we don’t want to declare victory on inflation coming down,” she said. “We’re not near done yet.”

She reiterated her view that rise should rise to just under 3.5% by the end of the year. And her baseline for September FOMC meeting is a 50bps hike.

“There is a lot of uncertainty, so leaping ahead with great confidence that [a 0.75 percentage point rate rise] is what we need and being prescriptive would not be optimal policy,” she said.

Minneapolis Fed President Neel Kashkari said yesterday that in the June economic projections, he recommended interest rate at 3.9% by the end of this year, and 4.4% next. He added, “I haven’t seen anything that changes that.”

Even after yesterday’s July CPI release, the Fed is “far away from declaring victory” on inflation, Kashkari said. “This is just the first hint that maybe inflation is starting to move in the right direction, but it doesn’t change my path.”

“I think a much more likely scenario is we will raise rates to some point and then we will sit there until we get convinced that inflation is well on its way back down to 2% before I would think about easing back on interest rates,” he said.

Chicago Fed President Charles Evans said today’s CPI data was the first “positive” reading since Fed started tightening. Yet, inflation is still “unacceptably” high”. He expects Fed to continue to raise interest rate to 3.25-3.50% by year end, and to 3.75-4.00 by the end of next year.

Evans was optimistic that the economy will “continue to grow” in H2. “”I’m not looking for the economy to turn down in a significant fashion any time soon,” he added. He expected growth to be 1.5-2.0% next year.

St. Louis Fed President James Bullard said in an MNI interview, “we may see some relief in the headline CPI tomorrow but the reason we tend to track core PCE inflation is exactly because we ignore the energy price movement on the way up but also on the way down.”

“I would like to see improvements across a range of indicators of inflation, not just one measure ticking down a little bit but clear and convincing evidence,” he said, adding that it’s going to be “much harder” to get core factors to turn around.

Bullard still wants to get interest rates to 3.75-4.00% range by the end of the year. “I think the destination is a little bit higher than what I would have thought even a couple months ago because inflation has continued to broaden out and doesn’t look like it’s turning the corner at least based on the evidence we have today… I think it’s too early to make the claim that inflation has peaked.”

San Francisco Fed President Mary Daly said in a CBS New interview, “if you’re out in the economy, you don’t feel like you’re in a recession. That’s the bottom line. The most important risk out there is inflation. And I think the job market just confirms that.”

She added that a 50bps hike in September is still “absolutely” appropriate. “And we need to be data dependent. It could. We need to leave our minds open. We have two more inflation reports coming out, another jobs report. We continue to collect all the information from the context we talk to you to see how this is working its way through the economy,” She said.

Full transcript of the interview here.