Regional Fed Presidents Tend to Support Interest Rate Cuts

1. Susan Collins (Boston Fed)

• The President of the Boston Fed expressed a willingness to support interest rate cuts if the August labor market data continues to be weak, while still noting inflationary pressures.

• Previously emphasized multiple times that there would be further rate cuts in the future as inflation decreases → indicating a trend towards easing.

2. Neel Kashkari (Minneapolis Fed)

• The President of the Minneapolis Fed stated that concerns about an economic recession are making interest rate cuts reasonable. He believes there could be a cut as early as September, if the data supports it.

3. Patrick Harker (Philadelphia Fed)

• The President of the Philadelphia Fed (who is about to retire) still believes that a rate cut this year could happen, depending on upcoming inflation and unemployment data.

4. Christopher Waller (Fed Board, Trump-appointed)

• As a member of the Board of Governors, not a regional president but a senior Fed official, he dissented at a recent meeting, supporting an immediate rate cut, citing concerns about a weak labor market and easing inflation.

5. Michelle Bowman (Fed Board, Trump-appointed)

• Similar to Waller, Bowman also supports an immediate interest rate cut and has dissented in the most recent meeting.