Monetary policy

Federal Reserve Bank of St. Louis President James Bullard said fears of a U.S. recession are overblown.

Federal Reserve Governor Michelle Bowman said she supports raising interest rates by 75 basis points again in July and following that with a few more half-point hikes.

The Federal Reserve has started a hiking cycle that's expected to continue with half-point increases in June and July, Marvin Loh, senior macro strategist at State Street Global Markets, will assess the June Federal Open Market Committee meeting and tell what he expects the panel to do in the future.

The U.S. central bank should raise interest rates as fast as it can without causing undue harm to financial markets or the economy, said Federal Reserve Bank of Richmond President Thomas Barkin.

Federal Reserve Bank of Cleveland President Loretta Mester said the risk of a recession in the U.S. economy is increasing, and that it will take several years to return to the central bank’s 2% inflation goal.

The Federal Reserve said it would do what is needed to get prices under control, reiterating that price stability is necessary to support a strong labor market and calling its commitment to reining in inflation “unconditional.”

Federal Reserve Bank of Kansas City President Esther George said she opposed the Fed’s biggest interest-rate increase in almost three decades because the move, combined with the shrinking of the central bank’s balance sheet, created uncertainty about the outlook.

While a document search will not turn up the dreaded word “stagflation,” the minutes mention on multiple occasions that the FOMC sees risk to growth skewing toward the downside, and inflation risk to the upside.

Federal Reserve Bank of Cleveland President Loretta Mester said she favors raising interest rates this month and next but cautioned that pace could speed up or slow down from September.

George's departure will come around the same time that Chicago Fed chief Charles Evans steps down. Both will have turned 65.