02:39 PM EDT, 05/15/2024 (MT Newswires) -- Minneapolis Fed President Neel Kashkari (nonvoter) said that rates may need to remain elevated to assure that policy is restrictive enough to bring down inflation.

Recent comments of note:

(May 14) Fed Chairman Jerome Powell said that it may take longer for restrictive monetary policy to impact inflation than previously expected, requiring the Federal Open Market Committee to keep rates higher for longer. Powell said the US economy is performing "very well" with a strong labor market, rising employment and wages, though with some signs of "gradual" cooling. Inflation is expected to slow through 2024, but he said that his level of confidence is lower than it was earlier in the year.

(May 13) Fed Vice Chair Philip Jefferson (voter) said it is appropriate to maintain the federal funds rate in restrictive territory until there is further evidence that inflation is slowing toward the Fed's 2% goal.

(May 10) Federal Reserve Governor Michelle Bowman (voter) said the FOMC should proceed "carefully and deliberately" when making monetary policy decisions to achieve the Fed's 2% goal.

(May 10) Atlanta Fed President Raphael Bostic (voter) told Reuters in an interview he is hopeful that the FOMC can cut rates this year and sees a slowdown in inflation as businesses report that their pricing power is limited.

(May 10) Chicago Fed President Austan Goolsbee (nonvoter) said the current level of the federal funds rate is restrictive but may need to remain there for some time. Goolsbee declined to specify a number of rate cuts that expects this year, citing the FOMC's statement that it will depend on the path of inflation.

(May 10) Dallas Fed President Lorie Logan (nonvoter) said it is "too soon" to considering lowering interest rates due to upside risks to inflation, Reuters reported.