Fed Governor Christopher Waller told CNBC, “I really favor front-loading our rate hikes, that we need to do more withdrawal of accommodation now if we want to have an impact on inflation later this year and next year.”

“So in that sense, the way to front-load it is to pull some rate hikes forward, which would imply 50 basis points at one or multiple meetings in the near future,” he added.

“The data’s basically screaming at us to go 50, but the geopolitical events were telling you to go forward with caution,” he said. “So those two factors combined pushed me off of advocating for a 50-basis-point hike and supporting the 25-point hike that we enacted.”

Waller also said the quantitative tightening should start “in the next meeting or two.” “We’re in a different place than we were before,” he said. “We have a much bigger balance sheet, the economy’s in a much different position. Inflation is raging. So, we’re in a position where we could actually draw down a large amount of liquidity out of the system without really doing much damage.”

Atlanta Fed President Raphael Bostic said on Saturday, “If the economy proceeds as I expect, I believe that 75 to 100 basis points of additional tightening will be warranted… It’s clear that more is needed, and I believe this level of the policy rate will be sufficient to rein in inflation over a reasonable time horizon.”

“In terms of pacing, assuming the economy evolves as I expect in the coming weeks, I would be comfortable starting the move away from 75-basis-point increases at the next meeting,” he added.

Bostic expected Fed to pause at some point to “let the economic dynamics play out,” given that it may take 12-24 months for the effect of rate hikes to be “fully realized.”

“I do not think we should continue raising rates until the inflation level has gotten down to 2%. Because of the lag dynamics I discussed earlier, this would guarantee an overshoot and a deep recession,” he said.