02:17 PM EDT, 06/28/2024 (MT Newswires) -- San Francisco Fed President Mary Daly (voter) said that the slow down in PCE prices in May is a sign that monetary policy is working, even if it is slower than expected, but added that there is still more work to do and that the Fed will remain data-dependent.

Richmond Fed President Tom Barkin (voter) said the economy has been resilient despite tighter monetary policy but noted that policy works with lags and that he expects the economy to slow further.

Recent comments of note:

(June 27) Atlanta Fed President Raphael Bostic (voter) said in an essay that he still sees a rate cut possible in Q4 but added that there could be scenarios for no cuts, more cuts, or even a rate increase depending on the incoming data. Bostic said that there are encouraging signs of slowing inflation but noted that he needs to see more improvement in shelter inflation and services prices before he can be confident enough to lower rates.

(June 26) The result of the Fed's annual stress test showed that all 31 banks examined in the survey would remain well capitalized in the event of a financial shock and recession, but losses would be larger than in last year's test due to higher risk and expenses.

(June 25) 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 further at a future meeting if inflation progress stalls.

(June 25) Fed Governor Lisa Cook (voter) said that the FOMC will consider multiple outcomes for the economy when making monetary policy decision 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.

(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.