With the Federal Reserve entering its pre-meeting blackout period this weekend, several regional Fed presidents and Fed governors concluded their busy week of public speeches. Fed Vice Chairman Jefferson and New York Fed President Williams both stated that they believe current monetary policy is well-positioned to push inflation back to the Fed's target level. Meanwhile, Fed Governor Cook indicated that she is "prepared to act" if she doesn't see signs of inflation slowing in the short term, but also suggested allowing more time to observe inflation trends. Dallas Fed President Logan, who has a vote on the Federal Open Market Committee (FOMC) this year, stated that further interest rate increases are needed to bring inflation back to the target level, and hinted that she might vote against the decision to maintain the current target range of 3.5% to 3.75% at the July meeting.
