Fed Governor Michelle Bowman said in a speech she expects to “support additional rate increases until we see significant progress toward bringing inflation down”.

Based on current inflation readings, she expects that “an additional rate increase of 75 basis points will be appropriate at our next meeting as well as increases of at least 50 basis points in the next few subsequent meetings”

Full speech here.

Chicago Fed President Charles Evans said another 75bps rate hike is a “very reasonable place” to have a discussion at next FOMC meeting. He said, “I think 75 would be in line with continued strong concerns that the inflation data isn’t coming down as quickly as we thought.”

“The first thing that we’re looking at is to make sure we take the steam out of the inflation pressures,” he added.

“We’re obviously taking on risk when we want to slow demand, to keep it in line with supply,” Evans said. “To think that we can fine tune something like this with tremendous precision — I mean, we just don’t have that ability.”

Philadelphia Fed President Patrick Harker said interest rates should go above 3% by the end of the year. Then Fed would assess how much more tightening is needed to bring inflation down.

“We don’t have to overreact in terms of the fed funds rate,” Harker said during a conference held by the regional Federal Reserve bank. “We need to get above neutral, again I’d like to get above three, but I don’t think you have to accelerate rapidly beyond that at this point until we get a better understanding of what exactly the quantitative tightening is doing.”

Philadelphia Fed’s Harker said he’s “not ready to make a final decision” on the next rate hike yet.

“If we start to see demand soften — and we are seeing some signs that demand is starting to soften in certain sectors of the economy. And if it’s softening quicker than I anticipate, then it may be appropriate to go with a 50,” he added. “If it’s not, then it’s probably appropriate to go with the 75. But let’s see how the data turns out in the next few weeks.”

“I think we’ve been very clear that we need to move to a restrictive stance,” he said. “How we get there is dependent on the data. So we can’t be that precise, [with] what we’re going to be doing in September or December right now. I mean, the data will dictate that.”

In the prepared remarks for his semi annual testimony to Congress, Fed chair Jerome Powell said, “over coming months, we will be looking for compelling evidence that inflation is moving down”.

“We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy”, he added. The decisions will be made “meeting by meeting.

Full remarks here.