Only One Or Two FOMC Participants Firm On Further Hikes (2/3)

The FOMC participants who continue to argue for further rate hikes can be counted on one hand or even one finger: Bowman is the most explicit (“I expect that additional increases will likely be needed”), with Mester the next closest ("I can well imagine, from what I see so far, that we...might have to raise the policy rate a bit more")

• Another couple have been clear they don’t see further hikes and are eyeing an extended pause, including Bostic and Harker (the latter in his interview with MNI at Jackson Hole).
• Somewhere in the middle are those who see more tightening as required in their base case but not necessarily at the September meeting (Logan).
• And many others have noted that there may be more work to do but acknowledge that recent developments in the data have been favourable and policy may already be restrictive: Collins; Daly; Goolsbee; Kashkari; Williams; and perhaps most surprisingly Waller ("nothing that is saying we need to do anything imminent anytime soon") who has previously been considered one of the most hawkish members.