• “It is too early to tell whether the recent slowdown in the disinflationary process will be long lasting,” Fed Vice Chair Philip Jefferson told the Mortgage Bankers Association conference in New York, even as he called the April data “encouraging.”
  • Speaking separately at a conference held by the Atlanta Fed, Fed Vice Chair of Supervision Michael Barr, said “disappointing” first-quarter inflation readings were “did not provide me with the increased confidence that I was hoping to find to support easing monetary policy.”
  • Cleveland Federal Reserve Bank President Loretta Mester, speaking to Bloomberg TV on Monday, said she continues to believe that inflation will fall this year, though more slowly than she had expected.