• Moving to a federal funds rate of between 5.00% and 5.25% “seems a very reasonable view of what we’ll need to do this year in order to get the supply and demand imbalances down,” New York Fed President John Williams said at a Wall Street Journal event, adding that the Fed would probably be able to take “smaller steps” this year relative to the pace of much of the tightening campaign.
• Speaking to the Joint Center for Political and Economic Studies, Fed Governor Lisa Cook said “it is appropriate to move in smaller steps while we assess the effects of our cumulative tightening in the economy and inflation.”
• In remarks to an Arkansas State University conference, Federal Reserve Governor Christopher Waller said there are signs the central bank’s rate rises are starting to pay off, but he noted that economic data has not been cooling off quickly enough.