Chicago Federal Reserve President Charles Evans told CNBC, “There are lags in monetary policy and we have moved expeditiously. We have done three 75 basis point increases in a row and there is a talk of more to get to that 4.25% to 4.5% by the end of the year, you’re not leaving much time to sort of look at each monthly release. ”

“I still believe that our consensus, the median forecasts, are to get to the peak funds rate by March — assuming there are no further adverse shocks. And if things get better, we could perhaps do less, but I think we are headed for that peak funds rate,” Evans said.

“That offers a path for employment, you know, stabilizing at something that still is not a recession, but there could be shocks, there could be other difficulties,” he added.

Cleveland Fed President Loretta Mester said yesterday, “when there is uncertainty, it can be better for policymakers to act more aggressively because aggressive and pre-emptive action can prevent the worst-case outcomes from actually coming about.”

“Further increases in our policy rate will be needed,” Mester said. “In order to put inflation on a sustained downward trajectory to 2%, monetary policy will need to be in a restrictive stance, with real interest rates moving into positive territory and remaining there for some time.”

“There will be some pain and bumps along the way as the growth in output and employment slow and the unemployment rate moves up,” Mester said. “But the current persistent high inflation is also very painful for many households and businesses. “

Boston Fed President Susan Collins said, “I do anticipate that accomplishing price stability will require slower employment growth and a somewhat higher unemployment rate.” But she added that “the goal of a more modest slowdown, while challenging, is achievable.”

“A significant economic or geopolitical event could push our economy into a recession as policy tightens further,” she warned. “Moreover, calibrating policy in these circumstances will be complicated by the fact that some effects of monetary policy work with a lag.”

Atlanta Federal Reserve President Raphael Bostic said on CBS’s “Face the Nation” program, “Inflation is high. It is too high. And we need to do all we can to make it come down.”

He added the US need to have a “slowdown”, but “we are going to do all that we can at the Federal Reserve to avoid deep, deep pain.”

“We’re still creating lots of jobs on a monthly basis, and so I actually think that there is some ability for the economy to absorb our actions and slow in a relatively orderly way,” he said.