02:56 PM EDT, 04/03/2024 (MT Newswires) -- Fed Chairman Jerome Powell (voter) said that it could still be appropriate to lower interest rates this year despite the recent stronger-than-expected inflation and employment data, but repeated that decisions will continue to be based on incoming data and made on a meeting-by-meeting basis.

Powell added that the FOMC is in good position to navigate between the risks of tightening too soon or too late and to act free of political or personal biases.

Atlanta Fed President Raphael Bostic (voter) repeated in an interview with CNBC that he sees only one rate cut this year, adding that it is not likely to come until the end of the year as the road to price stability will be "bumpy" and the FOMC can be patient.

Recent comments of note:

(April 2) Cleveland Fed President Loretta Mester (voter) said that she believes that the evidence of slowing inflation the FOMC needs to cut rates will be seen this year but said that she doubts that it will come soon enough for the FOMC to consider cutting rates at its next meeting on April 30-May 1, saying the Fed has the room to be patient given the strong economy.

(April 2) San Francisco Fed President Mary Daly (voter) said that while the three rate cuts projected for 2024 in the most recent Summary of Economic Projections is possible, the rate path is based on the how the economy evolves. Daly said that three cuts is "a very reasonable baseline, but that is a projection and not a promise."

(March 29) Federal Reserve Chairman Jerome Powell (voter) said that the FOMC will be careful when deciding when to lower rates, saying that it can remain patient and not act too quickly or too late given the risks on both sides. Powell repeated that it would not be appropriate to lower rates until the FOMC sees "more good inflation readings" and the FOMC "will be careful about this decision because we can be."