03:07 PM EST, 02/05/2025 (MT Newswires) -- Chicago Fed President Austan Goolsbee (voter) said supply chain issues, such as those seen during the pandemic, can cause shortages that can be inflationary. The impact of trade policy, including tariffs, need to be taken into consideration when making monetary policy decisions, he said.

Richmond Fed President Tom Barkin (nonvoter) said that further interest rate cuts are likely this year and agreed with other Fed officials that policy changes under the new Trump administration inject uncertainty into the outlook.

Recent comments of note:

(Feb. 4) Fed Vice Chair Philip Jefferson (voter) said he expects further loosening of monetary policy "over the medium term," but repeated comments from other Fed officials that the FOMC does not need to rush to lower interest rates and that it should proceed cautiously.

(Feb. 4) San Francisco Fed President Mary Daly (nonvoter) said the FOMC can take its time making policy decisions this year, noting that it does not have to be preemptive and can make good decisions based on the incoming data.

(Feb. 4) Boston Fed President Susan Collins (voter) said proposed tariffs could have an upward effect on inflation, while Goolsbee repeated comments from other Fed officials that the FOMC will need to proceed cautiously when considering rate reductions due to the uncertainty.

(Feb. 3) Atlanta Fed President Raphael Bostic (nonvoter) said he believes that a "wait and see" approach to policy making will be appropriate this year due to uncertainty in the outlook, adding that he is willing to wait for clarity before lowing rates.