02:56 PM EDT, 09/30/2025 (MT Newswires) -- Fed Vice Chair Philip Jefferson (voter) said that risks remain on both sides of the Fed's mandate, with employment risks pointed to the downside and risks to inflation pointed to the upside, but he expects both to ease over time.

Boston Fed President Susan Collins (voter) said that it would be appropriate to lower interest rates further given the risk of rising unemployment but added that she still supports a modestly restrictive stance due to elevated levels of inflation.

Recent comments of note:

(Sept. 29) Cleveland Fed President Beth Hammack (nonvoter) said that monetary policy needs to remain restrictive get inflation closer to its 2% goal, noting elevated services inflation that is not related to tariffs.

(Sept. 29) New York Fed President John Williams (voter) said that he expects further easing in monetary policy as the balance of risks has begun to shift toward a softer employment picture.

(Sept. 26) Fed Vice Chair for Supervision Michelle Bowman (voter) said that recent employment data suggest that the FOMC could already be late in reducing interest rates and that it may need to act more aggressively as a result. Bowman said that the FOMC needs to shift its focus from the data-dependency that it has followed since the pandemic to forward-looking forecasts and suggested that the impact of tariffs on inflation will be short-term and should be looked past in favor the negative impact of keeping rates too high on employment.

(Sept. 26) Richmond Fed President Tom Barkin (nonvoter) said told Bloomberg TV that he is seeing less uncertainty for businesses and consumers than earlier in the year and said in separate comments that the rate reduction approved at the September FOMC moves monetary policy closer to neutral to support the labor market while also keeping pressure on inflation.