02:23 PM EDT, 08/16/2024 (MT Newswires) -- Chicago Federal Reserve President Austan Goolsbee (nonvoter) said the Federal Open Market Committee needs to be cautious not to maintain rates too high now that there are signs that the economy is slowing, adding that a gradual approach to policy adjustment is best.

Recent comments of note:

(Aug. 15) St. Louis Federal Reserve President Alberto Musalem (nonvoter) said the time for the FOMC to reduce interest rates is nearing, noting recent inflation reports lifted his confidence that price pressures are easing and the risk to employment of waiting too long to lower rates is rising.

(Aug. 13) Atlanta Fed President Raphael Bostic (voter) said federal funds rate cuts are likely this year, but that he needs to see more evidence that the downward trajectory in inflation seen over the last few months is sustained before lowering rates. Bostic repeated that there are risks to cutting rates too early, particularly the need to raise rates again quickly if inflation rebounds, and risks to cutting too late, though he said that he does not see the possibility of a recession. Bostic also said that politics do not play a role in the Fed's decisions and that the FOMC will act as needed regardless of the timing of the elections.

(Aug. 10) Fed Governor Michelle Bowman (voter) repeated her previous comments that it may soon be appropriate to "gradually lower" the level of the federal funds rate, but cautioned that acting too soon could undo the progress that has been made on inflation to this point. She acknowledged the slowing of employment growth seen in the July employment report, but said inflation remains the key concern.

(Aug. 9) Boston Fed President Susan Collins (nonvoter) told the Providence Journal that the FOMC could begin to ease policy soon if the inflation data progress as expected.