02:45 PM EDT, 08/06/2025 (MT Newswires) -- Minneapolis Fed President Neel Kashkari (nonvoter) said in an interview on CNBC that it is time to begin lowering the federal funds rate, adding that he sees two rate cuts as appropriate this year, with more or less stimulus needed depending on conditions and the impact of tariffs.

Recent comments of note:

(Aug. 4) San Francisco Mary Daly (nonvoter) said that the timing of the next rate cut is getting closer, neither promising nor ruling out a reduction at the next FOMC meeting in September. Daly said that two rate cuts this year still appear to be appropriate with the possibility of less or more depending on conditions.

(Aug. 1) Fed Governor Adriana Kugler (voter) announced that she will be leaving her position on Aug. 8, leaving a vacancy on the board that can be filled by President Trump, possibly with his pick to eventually replace Fed Chair Powell when his term ends.

(Aug. 1) Atlanta Fed President Raphael Bostic (nonvoter) said after the weaker-than-expected July employment data that the report is one factor he will consider going forward, particularly if it deteriorates further, but added that there is still strength in the labor market.

(July 30) Fed Chairman Jerome Powell (voter) said the current level of policy restrictiveness is appropriate to protect against the risk that tariff impacts could be larger or more long-term than some expect. He said that he sees the current level of the federal funds rate as "modestly restrictive" and said that there are no signs that the economy is being held back by the level of policy. Instead, the policy level is "well positioned" to see how conditions evolve given that the effects of tariffs could be "short-lived" or more persistent.

(July 30) The Federal Open Market Committee left the target rate for the federal funds at 4.25% to 4.50% at its meeting and made no significant changes to its statement other than to acknowledge the slowing of economic growth in the first half of the year. However, two Fed governors, Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller, dissented from the decision in favor of a 25-basis point rate reduction. This was the first time two governors had dissented at the same meeting since 1993 and aligns with their recent comments.