01:54 PM EDT, 05/08/2024 (MT Newswires) -- Boston Fed President Susan Collins (nonvoter) said that it may take longer than previously expected for demand to better align with supply and bring down inflation, so the Federal Open Market Committee needs to remain patient and observant of the incoming information as it makes its decisions.

Recent comments of note:

(May 7) Minneapolis Fed President Neel Kashkari (nonvoter) wrote in an essay that the recent lack of progress on inflation could be the result of monetary policy not being as restrictive as it appears compared with the neutral rate, resulting in the FOMC needing to do more to slow demand and inflation. Later in the day, Kashkari reiterated that interest rates may need to remain elevated for longer to bring down inflation, possibly all year, Reuters reported.

(May 6) Richmond Fed President Tom Barkin (voter) said that he is "optimistic" that the current level of the federal funds rate is restrictive enough to slow demand and bring down inflation but said that the FOMC will be able to act if the economy overheats or, conversely, if the economy slows more than expected.

(May 6) New York Fed President John Williams (voter) said that monetary policy decisions will be based on the incoming data and that rate cuts are likely as economic growth slows this year.