Chicago Fed President Charles Evans said, “front-loading is important to speed up the necessary tightening of financial conditions, as well as for demonstrating our commitment to restrain inflation, thus helping to keep inflationary expectations in check.”

As for the pace of tightening, he said, “I’m expecting that before December, we will have completed in any 50s and have put in place at least a few 25s.”

“If we need to, we will be well positioned to respond more aggressively if inflation conditions do not improve sufficiently or, alternatively, to scale back planned adjustments if economic conditions soften in a way that threatens our employment mandate,” Evans explained.

Minneapolis Fed President Neel Kashkari said yesterday, “my colleagues and I are going to do what we need to do to bring the economy back into balance… What I don’t know is how much are we going to need to do … if we get some help on the supply side, then we won’t have to do as much; if we don’t get any help on the supply side, we are going to have to do more.”

But he also cautioned, “if the recession is effective in bringing inflation down, but then you’re pushing the unemployment rate way up, now all of a sudden you might be moving from one type of imbalance to the opposite type of imbalance. Like any kind of system, you want to avoid over-correcting if you can.”

Fed Chair Jerome Powell said yesterday, “this is a time for us to be tightly focused on the time ahead and getting inflation back down to 2%…. What we need to see is inflation coming down in a clear and convincing way… If we don’t see that, we will have to consider moving more aggressively”.

“If that involves moving past broadly understood levels of ‘neutral’ we won’t hesitate to do that,” he added. “We will go until we feel we are at a place where we can say ‘yes, financial conditions are at an appropriate place, we see inflation coming down.'”

“We’ll go to that point. There won’t be any hesitation about that,” he said.

St. Louis Fed president James Bullard reiterated that “we have a good plan for now”, in raising interest rate by 50bps at the next couple of meetings. He hoped that could bring inflation down with “the least amount of disruption we can get.”

Bullard also said growth in range of 2.5-3.0% is ” “fast compared to the long run potential rate of growth” of the economy, which may be just below 2%. Also, “labor markets are super strong…Household consumption is expected to hold through this year.”.

People “want to put the pandemic behind them and they have lots of plans about spending,” Bullard added.