03:21 PM EDT, 04/04/2024 (MT Newswires) -- Richmond Fed President Tom Barkin (voter) said the FOMC can be patient when considering interest-rate cuts as recent data indicated an economic slowdown may be just a momentary lapse.

Barkin repeated recent comments from Fed officials that the FOMC is prepared to deal with an economy that is overheating or, alternatively, one that slows.

Cleveland Fed President Loretta Mester (voter) said it is not yet time for the FOMC to lower rates, but it could be appropriate "later this year" if the economy evolves as expected.

Minneapolis Fed President Neel Kashkari (nonvoter) said he has penciled in two rate cuts for this year, but cautioned that inflation continues to move sideways, it is possible that the FOMC may not be able to lower rates at all, Bloomberg reported.

Chicago Fed President Austan Goolsbee (nonvoter) said recent higher-than-expected inflation data may not be the start of a trend, but he will be watching incoming information, especially housing inflation. Goolsbee said that a few months of elevated inflation data does not mean progress toward price stability has been derailed.

Recent comments of note:

(April 3) 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.

(April 3) Fed Governor Adriana Kugler (voter) said that she believes that disinflation can continue without a widespread economic slowdown but cautioned that "such an outcome is not assured." She said that she expects some policy easting to begin sometime this year if economic conditions proceed as forecast but will be guided by incoming data and prepared to change course if needed.

(April 3) 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.

(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 added 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."