02:53 PM EDT, 06/24/2024 (MT Newswires) -- San Francisco Fed President Mary Daly (voter) said the FOMC must remain open to adjusting policy as needed, while the bumpiness of recent inflation and uncertainty going forward hasn't provided officials with enough confidence to lower rates yet.

Recent comments of note:

(June 20) Richmond Fed President Tom Barkin (voter) said that it will take time for higher interest rates to impact the economy, but the current level of rates should be sufficient to slow inflation.

(June 20) Minneapolis Fed President Neel Kashkari (nonvoter) said that it could take one to two years to get consumer price inflation back down to the Fed's 2% goal and suggested that the dot plot published by the Fed on a quarterly basis does not adequately reflect the uncertainty that Fed officials see in the softening economy now.

(June 18) Fed Governor Adriana Kugler (voter) said it is possible that the FOMC may cut rates later in 2024, though inflation currently is too high and further evidence the recent improvement in inflation is continuing will be needed before the FOMC can act.

(June 18) St. Louis Fed President Alberto Musalem (nonvoter) said the FOMC can remain patient and wait for more evidence that inflation is slowing before cutting rates and should also be prepared to act swiftly if there are signs that inflation progress stalls or inflation moves higher.

(June 18) Boston Fed President Susan Collins (nonvoter) said inflation data was encouraging, but the process of bringing down inflation may take longer than expected and it is too soon to say that inflation is reliably on a path to the 2% target. Collins said the FOMC should not react based on only a few months of promising inflation data and should instead be patient before deciding to lower rates.

(June 18) Barkin on an MNI webcast said he is looking for "sustainment and broadening" in inflation progress, but declined to specify which price indicators he is paying the most attention to. Barkin said that the FOMC acts meeting by meeting, and he is keeping an open mind on decisions based on incoming data.

(June 18) New York Fed President John Williams (voter) told Fox Business News that the FOMC will make policy decisions based on incoming economic and inflation data, not politics as the presidential election approaches in November.