Insight

FOMC Guide - July 2022

As the US Federal Reserve is one of the most important central banks and currently the most hawkish, here is a guide of the most recent comments made by the FOMC members. All members are focused on inflation and favour hikes.

You can download our FOMC policy outlook for the 27th of July 2022 here.

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FOMC Committee Guide (as of 26/07/2022)
Name	Division	Voter?	Last Spoken*	Format	Comments
James Bullard	St Louis Fed President	Yes	15/07/2022	Speech	Sees inflation as still very high, so favours a charting course that is more aggressive in the second half of this year. Is not against a 100bps hike and less later, let alone 75bps now and more later.
Loretta Mester	Cleveland Fed President	Yes	13/07/2022	Bloomberg radio interview	Favours a 75bps rate hike, at minimum, for July, and wants to see clear evidence of inflation sustainably going down on a downward path before decelerating hikes.
Thomas Barkin	Richmond Fed President	No	13/07/2022	Wall St Journal interview	Stated that the June CPI report makes the case to be even stronger to fight inflation, even if it raises the prospect of inflation.
John Williams	New York Fed President	Yes	28/06/2022	CNBC Interview	Believes that the debate during the July meeting will be between 50 or 75bps.
Michelle Bowman	Governor	Yes	23/06/2022	Speech	Expects 75bps for July based on the current inflation readings, and depending on data, Fed could increase by 50bps in the next few meetings.
Mary Daly	San Francisco Fed President	No	15/07/2022	Newsy interview	Stated the Fed is simply dialling back very aggressive monetary policy from the pandemic. She is not overly concerned with historically aggressive rate hikes.
Jerome Powell	Chair	Yes	29/06/2022	European Central Bank conference	Would rather risk going too far on rate hikes than going too little and failing to restore price stability.
Raphael Bostic	Atlanta Fed President	No	15/07/2022	Speech	Believes Fed rate rises should be orderly. Going too drastically can undermine positive economic data.
Lael Brainard	Vice Chair	Yes	02/06/2022	CNBC Interview	Sees a pause in September as an extremely difficult decision to make, as there is still a lot to do to curb inflation to the 2% target.
Christopher Waller	Governor	Yes	14/07/2022	Speech	Wouldn’t favour overdoing rate hikes. Sees a 75bps hike as huge.
Michael Barr	Vice Chair for Supervision	Yes	--	--	No public comments on monetary policy.
Patrick Harper	Philadelphia Fed President	No	22/06/2022	Yahoo Finance interview	Unsure between 50bps and 75bps. Believes decision will be made based on data.
Charles Evans	Chicago Fed President	No	22/06/2022	Comments to reporters	Sees 75bps for July as reasonable, as well as likely if inflation doesn’t moderate.
Neel Kashkari	Minneapolis Fed President	No	17/06/2022	Essay	Supported 75bps hike in June and could support another 75bps in July. However, worried about creating uncertainty with too much front loading.
Esther George	Kansas City Fed President	Yes	11/07/2022	Speech	Sees any abrupt changes in interest rates leading to financial market or economic strains, making it more challenging for the Fed to deliver on future rates.

*Takes into account speeches from the 1st June 2022 only

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