02:27 PM EDT, 08/22/2024 (MT Newswires) -- Philadelphia Federal Reserve President Patrick Harker (nonvoter) said in an interview with CNBC that the Federal Open Market Committee needs to begin lowering interest rates "methodically," possibly at the next meeting on Sept. 17-18, noting that the Fed's commitment to lowering rates is more important than the size of the rate reductions.

Harker added that the recent slowdown in employment growth was to be expected and that even taking a large downward revision to payrolls into consideration, job growth is still solid.

Kansas City Fed President Jeff Schmid (nonvoter) said in an interview with CNBC that he would like to see more evidence that inflation is slowing before cutting rates, but conceded that it would be appropriate to begin lowering rates before inflation gets all the way down to the Fed's 2% goal. He said that the preliminary estimate of the payrolls benchmark revision did not impact his view of the economy.

Boston Fed President Susan Collins (nonvoter) said in an interview with Fox Business that the FOMC should soon begin to gradually cut interest rates to prevent a downturn in the economy.

Recent comments of note:

(Aug. 21) The minutes of the July 30-31 FOMC meeting showed that several participants were willing to consider an interest rate reduction at that meeting, but all agreed to wait for more evidence on falling inflation, citing the likelihood of a reduction at the next meeting if the data progress as expected.

(Aug. 20) Fed Governor Michelle Bowman (voter) largely repeated her comments from a speech on Aug. 10, saying she will "remain cautious" when considering changes to the current monetary policy stance as inflation remains elevate, adding that she will monitor incoming data as part of the decision-making process.

(Aug. 19) Minneapolis Fed President Neel Kashkari (nonvoter) said in an interview with the Wall Street Journal that it would be appropriate to discuss lowering interest rates at the next FOMC meeting on Sept. 17-18 due to slowing inflation and concerning labor market data.

(Aug. 18) San Francisco Fed President Mary Daly (voter) said in a Financial Times interview that the FOMC should move gradually, but that it is time to consider lowering interest rates.