02:38 PM EDT, 06/17/2024 (MT Newswires) -- Philadelphia Fed President Patrick Harker (nonvoter) said that it would be appropriate to lower rates by the end of 2024 assuming that the economy and inflation evolve as expected, but given the uncertainty, he would not rule out the possibility of there being two rate cuts, or even none at all.

Recent comments of note:

(June 16) Minneapolis Fed President Neel Kashkari (nonvoter) said that it is reasonable to expect that the FOMC will not cut rates until the December meeting, adding that more evidence is needed to assure that inflation is slowing toward the 2% goal.

(June 14) Chicago Fed President Austan Goolsbee (nonvoter) said that the May inflation data were a positive sign, but that more data are needed before confidently concluding that inflation is slowing.

(June 12) The Federal Open Market Committee voted to leave the range of its federal funds target at 5.25% to 5.5%, but the updated Summary of Economic Projections showed only one rate cut is expected in 2024, compared with the three seen in the March SEP. However, the median forecast now shows four rate cuts in 2025, compared with the previously expected three cuts. The FOMC's statement showed a slightly more optimistic assessment of inflation reduction, but the SEP shows higher end-of-year readings for PCE inflation for 2024 and 2025 than in the March estimate.