Federal Reserve Governor Christopher Waller said in a CNBC interview that preferred a “front-loading approach” on tightening. So, “a 50-basis-point hike in May would be consistent with that, and possibly more in June and July.”

“I think we’re going to deal with inflation. We’ve laid out our plans,” he said. “We’re in a position where the economy’s strong, so this is a good time to do aggressive actions because the economy can take it.”

“I think we want to get above neutral certainly by the latter half of the year, and we need to get closer to neutral as soon as possible,” Waller added.

St Louis Fed President James Bullard said in an FT interview, there’s “a bit of a fantasy” in current policy in centrals banks to think thank inflation could be brought down by moving interest rate to neutral.

“Neutral is not putting downward pressure on inflation. It’s just ceasing to put upward pressure on inflation,” he said. “We have to put downward pressure on the component of inflation that we think is persistent.”

“Getting to neutral isn’t going to be enough it doesn’t look like, because while some of the inflation may moderate naturally . . . there will be a component of it which won’t,” he added.

Bullard also warned that this week’s CPI report just ” underscores the urgency that the Fed is behind the curve and needs to get moving.”

“If markets and households get the idea that the Fed’s not going to do the right thing and not going to keep inflation under control, then you have to gain credibility by actually doing things that show them that you are serious,” he said.

Richmond Fed President Thomas Barkin said yesterday, “the best short-term path for us is to move rapidly to the neutral range and then test whether pandemic-era inflation pressures are easing, and how persistent inflation has become. If necessary, we can move further.”

He added that the actions to combat inflation doesn’t “necessarily require a hard landing.” In fact, “it might help avoid one by convincing individuals and firms that the Fed is committed to our target, thereby cementing inflation expectations.”

Barkin also said that the Fed needs to be “crystal clear that a growing economy requires stable prices, and that we will remain committed to addressing inflationary gusts.”

Chicago Fed President Charles Evans said yesterday that 50bps rate hike in May is “obviously worthy of consideration; perhaps it’s highly likely even if you want to get to neutral by December.” But he also emphasized, “the optionality of not going too far too quickly is important.”

He added that but the end of the year, Fed will know a lot more about inflation. “Is it going to be that some of these pricing pressures have crested, and they start coming down? Or are they going to stay high — or are they going to be higher?” Evans said. “And if it’s because of supply concerns, real resource pressures, there’s going to be a lot of gnashing-of-teeth angst over the inflation versus the concern for the economy. And I think finding the right balance is going to always be at a premium.”