President of the Federal Reserve Bank of Minneapolis Neel Kashkari spoke late in the afternoon US time.

Reuters have a recap up, with a little more info:

  • suggested that because household finances are in some cases in better shape than before the pandemic, the Fed may end up needing to raise rates further to bring inflation under control.
  • "Are these stronger balance sheets leading people to spend more, or be more confident, to just change their behavior, their spending patterns, and is that more sustainable - in which case maybe the Fed has to be even more aggressive,"

The current mantra from Fed officials is for 50bp rate hikes in June and July then likely 25bps after that ... but officials advocating this have been careful not to promise so. Kashkari is more explicitly allowing for an extended series of higher hikes in this piece. Link to Reuters is here for more.