Philadelphia Fed President Patrick Harker said yesterday, “I expect that we will raise rates a few more times this year, though, to my mind, the days of us raising them 75 basis points at a time have surely passed.” “Hikes of 25 basis points will be appropriate going forward,” he said. And, “let’s get above 5% and sit there for a while”.

While risks to inflation remain on the upside, he noted, “we are starting to see inflation come down across a spectrum of goods.” He expects core inflation to decline to 3.5% this year, and 2.5% next, then get back to target in 2025. He also said the economy should grow 1% this year, without falling into recession.

Cleveland Fed President Loretta Mester, said in an AP interview, “We’re beginning to see the kind of actions that we need to see… Good signs that things are moving in the right direction … That’s important input into how we’re thinking about where policy needs to go.”

“We’re starting to see our policy actions do what they’re intended to do,” she said. “But I do believe we have to continue raising … and then hold for a while so that we get back to price stability in a timely way.”

“We’re not at 5% yet, we’re not above 5%, which I think is going to be needed given where my projections are for the economy,” she said. “I just think we need to keep going, and we’ll discuss at the meeting how much to do.”

St. Louis Fed President James Bullard said in an online WSJ interview, “we’re almost into a zone that we could call restrictive – we’re not quite there yet.”

Fed will wants to make sure that inflation will fall back to 2% target. “We don’t want to waiver on that,” he said.

“Policy has to stay on the tighter side during 2023” as the disinflationary process unfolds, he added.

He still sees rates at 5.25-5.50% range at the end of the year.

Richmond Fed President Thomas Barkin told Fox Business yesterday that recent inflation reports have been encourage. But the median CPI is “still too high” and, “you just can’t declare victory too soon.”

“I would want to see inflation compellingly back to our target” before easing up on rate hikes, he said. Meanwhile the terminal rate will be dependent on the “path of inflation”.