Fed's Logan (2026 Voter) says that it is clear that the Fed needs at least two more 25bps rate hikes; may be possible to raise interest rates more rapidly this winter than the US central bank has done so far

Monetary Policy: It may be possible to raise interest rates more rapidly this winter than the US central bank has done so far. The Fed clearly needs at least two more 25-basis-point rate increases. It would make sense to pause after two more rate hikes and assess whether further action is appropriate. Accommodative monetary policy is adding to inflationary pressures, with data suggesting the real Fed funds rate is 78 basis points. The Fed policy rate is at least 50 basis points below a modestly restrictive level. Higher bond-market rates signal that monetary policy has more work to do, rather than providing an independent tailwind for economic activity. Gradually adjusting monetary policy can reduce the risk of economic activity deteriorating more sharply than necessary. It is important to promptly achieve balance in the outlook and risks for inflation and employment. Inflation: Price pressures extend beyond tariffs, and the broad trend is likely to persist. Inflation is trending meaningfully above the 2% target. Higher-than-expected consumer price inflation raises concerns that personal consumption expenditures inflation could rise. Economy: Economic growth is strong, consumer spending is solid and business spending is robust. Labour Market: The labour market is balanced and even tightening slightly.