02:39 PM EDT, 08/21/2024 (MT Newswires) -- The minutes of the July 30-31 Federal Open Market Committee meeting showed that some were willing to consider an interest rate reduction at that meeting, but all agreed to wait for more evidence on falling inflation, citing the likelihood of a reduction at the next meeting if the data progress as expected.
Recent comments of note:
(Aug. 20) Fed Governor Michelle Bowman (voter) largely repeated her comments from a speech on Aug. 10, saying she will "remain cautious" when considering changes to the current monetary policy stance as inflation remains elevated, adding that she will monitor incoming data as part of the decision-making process.
(Aug. 19) Minneapolis Fed President Neel Kashkari (nonvoter) said in an interview with The Wall Street Journal that it would be appropriate to discuss lowering interest rates at the next FOMC meeting on Sept. 17-18 due to slowing inflation and concerning labor market data.
(Aug. 18) San Francisco Fed President Mary Daly (voter) said in a Financial Times interview that the FOMC should move gradually, but it is time to consider lowering interest rates.
(Aug. 16) Chicago Fed President Austan Goolsbee (nonvoter) said the FOMC needs to be cautious not to maintain rates too high now that there are signs that the economy is slowing, adding that a gradual approach to policy adjustment is best.
(Aug. 15) St. Louis Fed President Alberto Musalem (nonvoter) said the time for the FOMC to reduce interest rates is nearing, noting recent inflation reports lifted his confidence that price pressures are easing and the risk to employment of waiting too long to lower rates is rising.