02:26 PM EDT, 06/25/2024 (MT Newswires) -- Fed Governor Michelle Bowman (voter) said that the FOMC is not yet able to lower the policy rate and should consider multiple scenarios and "remain cautious" about reducing interest rates too soon or too quickly. Bowman repeated previous comments that she would be willing to raise rates at a future meeting if inflation progress stalls.

Fed Governor Lisa Cook (voter) said that the FOMC will consider multiple outcomes for the economy when making monetary policy decisions and deal with uncertainty by looking closely at the data. She said that current policy is "well positioned" to deal with changes to the economy.

Recent comments of note:

(June 24) San Francisco Fed President Mary Daly (voter) said that the FOMC must remain open to adjusting policy as needed but said that the bumpiness of recent inflation and uncertainty going forward has not provided the FOMC enough confidence to lower rates yet.

(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.