02:51 PM EDT, 05/15/2025 (MT Newswires) -- Fed Chairman Jerome Powell (voter) said there is greater risk of inflation swings now than in previous periods, something that the FOMC will need to take into consideration as it proceeds through its policy framework review.

Powell repeated that anchoring inflation expectations will remain a key part of the framework, as will the 2% inflation target.

Recent comments of note:

(May 14) San Francisco Fed President Mary Daly (nonvoter) said that the FOMC can wait for more clarity on the likely impact of tariffs on the economy before making policy decisions.

(May 14) Fed Vice Chair Philip Jefferson (voter) said that tariffs are likely to boost inflation, but there is still uncertainty about the magnitude and duration of the impact and added that monetary policy is well positioned to deal with whatever scenario occurs.

(May 12) Fed Governor Adriana Kugler (voter) said that tariffs are "likely to generate significant economic effects" even if they are not raised from their current rates, including higher inflation and slower growth.

(May 9) Fed Governor Lisa Cook (voter) said that tariffs could lower productivity and investment, particularly if there is significant uncertainty, and may lead to higher interest rates if they stimulate inflation.

(May 9) New York Fed President John Williams (voter) said that well-anchored inflation expectations are "the bedrock" of central bank policy and that it is essential to maintain them in times of uncertainty.

(May 9) Fed Governor Michael Barr (voter) said tariffs could create upward pressure on inflation, noting that their size and scope were "without modern precedent." Barr added that he is also concerned about unemployment rising as the economy slows, echoing the Federal Open Market Committee's statement.