Fed’s Hammack (2026 voter) is speaking and says:

Both sides of the Fed mandate bar under pressure.
It is important to maintain modestly restrictive policy to lower inflation.
It is just now tariff impacts are starting to affect the economy.
Full tariff impact will be clear until next year.
On sure if tariffs will ultimately be just a one time impact
Biggest concern inflation is too high that inflation has been trending in wrong direction
Labor supplies come down dramatically
Fed needs to stay laser focus on too high inflation
She enters each meeting with an open mind
there is a lot of data between now and the FOMC meeting
If the meeting was tomorrow she would not see a case for reducing interest rates
We have a small distance to get to the neutral rate
Does not see any sign have a notable economic downturn.
There is no lead for stimulative policy

A summary of the comments in topic format:

Mandate pressures: Both inflation and employment sides of the Fed’s dual mandate are under strain.
Policy stance: Supports keeping policy modestly restrictive to bring inflation lower.
Tariffs:
- Tariff impacts are only starting to show in the economy.
- Full effects won’t be clear until next year.
- Uncertainty if tariffs will be a one-time shock or more persistent.
Inflation:
- Biggest concern is inflation being too high.
- Notes inflation trend has been moving in the wrong direction.
- Emphasized Fed must remain laser-focused on inflation.
Labor market: Labor supply has declined significantly.
Policy outlook:
- Enters each FOMC meeting with an open mind, stressing incoming data will shape views.
- If the meeting were tomorrow, she would not support a rate cut.
- Believes only a small gap remains to reach the neutral rate.
Economic outlook:
- No evidence of a notable economic downturn.
- No justification for stimulative policy at this point.