There is “increasing pressure” for the Fed to act, he added, in liht of the lack of significant progress on inflation. Speaking after the report, Richmond Fed president Tom Barkin said the labour market appears to remain in “weak balance”, similar to where it has been over the past 18 months. Officials see inflation easing back to their 2 per cent target by 2028, according to projections released in June. New York Fed president John Williams said recently that he still sees inflation returning to the Fed’s goal by 2028, adding his view “has not changed that much more generally”. Minneapolis Fed president Neel Kashkari, Dallas Fed president Lorie Logan and Cleveland Fed president Beth Hammack all said waiting to raise rates could increase the need for more aggressive tightening later.