Cleveland Fed President Loretta Mester said yesterday, “we’re at a point where we’re going to enter a restrictive stance of policy. At that point, I think it makes sense that we can slow down a bit the … pace of increases.”

“We’re still going to raise the funds rate, but we’re at a reasonable point now where we can be very deliberate in setting monetary policy,” she added.

“I think we can slow down from the 75 at the next meeting. I don’t have a problem with that, I do think that’s very appropriate,” Mester said. “But I do think we’re going to have to let the economy tell us going forward what pace we have to be at.”

“Right now my forecast is that we’re going to see some real, good progress on inflation next year,” Mester said. “We won’t be back to 2%, but we’ll see some meaningful progress next year. But if we don’t see that, then we’re going to have to make sure our policy really reacts to the incoming information. So I can’t tell you today what the path going forward will be.”

San Francisco Fed President Mary Daly said yesterday that “it’s premature in my mind to take anything off the table”, regarding the size of rate hike in December. She added. “I’m going into the meeting with the full range of adjustments that we could make on the table.

Daly also said recent CPI data was “way too early to cause a turning point on inflation… One month does not a victory make. It doesn’t give me comfort. We will need more good months of data before call this a turning point.”

“As we work to bring policy to a sufficiently restrictive stance — the level required to bring inflation down and restore price stability — we will need to be mindful,” Daly also said. “Adjusting too little will leave inflation too high. Adjusting too much could lead to an unnecessarily painful downturn.”

Atlanta Fed President Raphael Bostic said on Saturday, “If the economy proceeds as I expect, I believe that 75 to 100 basis points of additional tightening will be warranted… It’s clear that more is needed, and I believe this level of the policy rate will be sufficient to rein in inflation over a reasonable time horizon.”

“In terms of pacing, assuming the economy evolves as I expect in the coming weeks, I would be comfortable starting the move away from 75-basis-point increases at the next meeting,” he added.

Bostic expected Fed to pause at some point to “let the economic dynamics play out,” given that it may take 12-24 months for the effect of rate hikes to be “fully realized.”

“I do not think we should continue raising rates until the inflation level has gotten down to 2%. Because of the lag dynamics I discussed earlier, this would guarantee an overshoot and a deep recession,” he said.