02:17 PM EDT, 05/09/2025 (MT Newswires) -- New York Fed President John Williams (voter) said that well-anchored inflation expectations are "the bedrock" of central bank policy and that it is essential to maintain them in times of uncertainty.

Fed Governor Michael Barr (voter) said tariffs may spur upward pressure on inflation, noting that their size and scope were "without modern precedent." Barr expressed concern about unemployment rising as the economy slows, echoing the Federal Open Market Committee's statement.

Recent comments of note:

(May 7) Fed Chairman Jerome Powell (voter) said that the FOMC can wait to receive more information on how tariffs are impacting the US economy before considering rate reductions. Powell didn't say how long that would take with the FOMC in "wait and see and watch" mode.

(May 7) The May FOMC statement was little changed from the previous meeting's statement, but the alterations indicated a heightened concern about upside inflation and unemployment risks and acknowledgment that swings in net exports affected Q1 GDP data.