02:30 PM EDT, 04/11/2024 (MT Newswires) -- Boston Fed President Susan Collins (nonvoter) said that there may be less policy easing this year than previous thought as the FOMC takes a patient approach to making adjustment but will be ready to act based on the available data.

New York Fed President John Williams (voter) said that he expects that the slowdown in inflation will continue, though with some bumps recently that require the FOMC to continue to monitor the incoming data.

Recent comments of note:

(April 10) Minutes of the Federal Open Market Committee's March 19-20 meeting foreshadowed the strong data and hawkish comments from Fed officials over the last three weeks, with participants agreeing that a rate cut is likely this year but with heightened concerns that the economic data released to that point will demand more evidence of an inflation slowdown. The FOMC did discuss slowing the pace of reduction in the Fed's holdings of security on the balance sheet, making no decisions, but agreeing that the slowing should begin "fairly soon."

(April 5) Fed Governor Michelle Bowman (voter) said that it may be appropriate to cut rates at some point, but it is not that time yet due to the risks of inflation reemerging because of geopolitical issues, a boost in fiscal stimulus or continued housing inflation. Bowman also said it is possible that the federal funds rate will need to be higher than it was before the pandemic, so the FOMC may not need to cut rates as much as expected and did not rule out that rates may need to be adjusted higher if the progress on inflation is reversed.

(April 5) Dallas Fed President Lorie Logan (nonvoter) added to recent comments from officials that it is "much too soon" for the FOMC to consider rate reductions due to uncertainty in the economic path and said that the FOMC should be ready to act if inflation does not continue to slow.