Dallas Fed President Lorie Logan said overnight that she expects a slight pickup in the Fed’s preferred inflation measure following June’s CPI release and warned against easing policy prematurely. With the PCE inflation gauge at 2.3% in May, Logan said the latest CPI data “probably” means it will “move up a bit.” She stressed the need for a longer trend of subdued inflation before being confident in the disinflation process.

At the same time, Logan pointed to a solid labor market, near-record stock prices, and the recently passed Trump fiscal package as “tailwind” for continued economic strength.

Against that backdrop, Logan argued that the Fed can afford to “hold tight for a while longer,” maintaining modestly restrictive policy to ensure inflation returns to target sustainably.

Boston Fed President Susan Collins said overnight that the Fed should remain “actively patient” in its stance. Despite the complexity of current conditions, she argued that “solid” fundamentals give the Fed room to carefully assess incoming data before making policy moves. “Calibrating appropriate policy in this context is challenging,” she acknowledged in her speech.

Collins highlighted the inflationary impact of newly imposed trade tariffs, which she said are beginning to show up in the prices of some goods. She projected core inflation to climb toward 3% by the end of the year, while warning that growth and employment may slow as a result.

However, she pointed to mitigating factors—such as firms narrowing profit margins and consumers maintaining spending. “As a result, the adverse impact of tariffs on labor market conditions and economic growth may be more limited,” she said.

Richmond Fed President Tom Barkin warned that inflation pressures remain persistent, with recent data showing signs of renewed pricing power among suppliers.

Speaking at an event in Baltimore, Barkin noted that many firms—still emboldened by the inflation surge of the past two years—are attempting to pass on rising costs, including those tied to tariffs. However, he cautioned that consumers, fatigued by prolonged inflation, may push back. “You’ve got consumers who are exhausted by inflation, who are already trading down,” he said.

Barkin’s comments also touched on the institutional integrity of the Fed amid speculation surrounding Fed Chair Jerome Powell’s future. With Powell’s term set to expire in May next year, US President Donald Trump is widely expected to nominate a more dovish successor.

Barkin emphasized the importance of policy independence, saying he hoped any new appointee would “try to decide the best policy for the country.” He added that rate-setting decisions aren’t necessarily driven by the Fed chair alone.

In a Fox Business interview, Cleveland Fed President Beth Hammack signaled that she sees little urgency for rate cuts given the current strength of the US economy. Hammack said Fed is “pretty close to where the neutral rate is,” and noted that unless there’s “material weakening on the labor side,” she doesn’t see a compelling case for policy easing.

While leaving the door open to shifts based on incoming data, Hammack emphasized that Fed is meeting its employment mandate, but still falling short on inflation. “We’re not there yet on the inflation side of the mandate,” she said, adding that a restrictive stance should be maintained until clear progress is made.