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Insight
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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.
| 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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