President, Federal Reserve Bank of Dallas
2026 voter 2027 non-voter
| Institution | Federal Reserve Bank of Dallas (District 11) |
|---|---|
| Current role since | August 22, 2022 |
| Term ends | — |
| Official page | www.dallasfed.org |
| On X | @DallasFed |
Took office August 22, 2022 as the 14th president. Dallas next votes in 2029.
| Meeting | Decision | Vote | Preference |
|---|---|---|---|
| October 28, 2026 | hold 3.75–4.00% | With majority | |
| September 16, 2026 | hike 3.75–4.00% | With majority | |
| July 29, 2026 | hold 3.50–3.75% | Dissent, for a hike | Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting. |
| June 17, 2026 | hold 3.50–3.75% | With majority | |
| April 29, 2026 | hold 3.50–3.75% | Dissent, for a hold | Supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time. |
| March 18, 2026 | hold 3.50–3.75% | With majority | |
| January 28, 2026 | hold 3.50–3.75% | With majority | |
| December 13, 2023 | hold 5.25–5.50% | With majority | |
| November 1, 2023 | hold 5.25–5.50% | With majority | |
| September 20, 2023 | hold 5.25–5.50% | With majority | |
| July 26, 2023 | hike 5.25–5.50% | With majority | |
| June 14, 2023 | hold 5.00–5.25% | With majority | |
| May 3, 2023 | hike 5.00–5.25% | With majority | |
| March 22, 2023 | hike 4.75–5.00% | With majority | |
| February 1, 2023 | hike 4.50–4.75% | With majority |
Source: FOMC statements, federalreserve.gov. From June 2026 the statements name only dissenters; majorities are inferred from the voting roster.
October 2, 2026 Speech
At Federal Open Market Committee (FOMC) meetings, I share Dallas Fed research with other FOMC participants as we determine the path of monetary policy. Sharing this work brings regional context and specialized expertise to the national discussion, better informing the decision-making that occurs at each monetary policy meeting.
October 1, 2026 SpeechHawkish
In my view, the FOMC should set interest rates so we are on track to achieve both of our dual mandate goals, not just one.
July 16, 2026 SpeechHawkish
So, I currently believe modestly higher interest rates would better balance the outlook and risks for the FOMC's maximum employment and price stability goals. Of course, the economy is dynamic, and more data arrive nearly every day.
July 9, 2026 Speech
However, I believe the FOMC could make its open market operations more efficient and effective, and support the strength of U.S. markets more generally, by centrally clearing its operations on a voluntary basis.
June 3, 2026 SpeechHawkish
I am increasingly concerned that higher interest rates could be necessary later this year to fully restore price stability and appropriately balance both sides of the Fed's dual mandate. However, these decisions call for thorough analysis and debate.
May 27, 2026 Speech
I believe the Federal Open Market Committee (FOMC) could further promote market resilience and effective monetary policy implementation by centrally clearing our open market operations, even though they are not subject to the mandate. The FOMC should also deepen its strategies and tools for distinguishing support for smooth Treasury market functioning from monetary accommodation.
May 10, 2026 Speech
Although the labor market is in balance, many employers are slow to hire. Inflation is still too high.
April 2, 2026 Speech
I've focused on the details of the Fed's balance sheet, but I'm sure you would also like to hear about the outlook for the economy and the FOMC's policy decisions, and I trust Robert has plenty of questions for me on those topics. Please join me in welcoming Robert to the stage.
February 10, 2026 SpeechHawkish
The market proxies for the real neutral rate from Treasury Inflation Protected Securities and swaps suggest expectations for neutral real interest rates at the upper end of the model-based estimates and not far from the current policy rate. [2] All of this suggests to me that our current stance of policy may be very close to neutral and providing little restraint on economic activity and inflation.
January 29, 2026 Speech
November 21, 2025 SpeechDovish
And with two rate cuts now in place, I'd find it difficult to cut rates again in December unless there is clear evidence that inflation will fall faster than expected or that the labor market will cool more rapidly.
October 31, 2025 SpeechDovish
And I'd find it difficult to cut rates again in December unless there is clear evidence that inflation will fall faster than expected or that the labor market will cool more rapidly.
October 30, 2025 Speech
October 8, 2025 SpeechHawkish
September 30, 2025 SpeechDovish
I supported the FOMC's rate cut earlier this month because it helped better balance the risk of slowing the labor market too much against the ongoing imperative to bring inflation back to the 2 percent target. However, I am also committed to finishing the job of sustainably restoring price stability.
September 25, 2025 SpeechDovish
As everyone here surely knows, the Federal Open Market Committee (FOMC) primarily adjusts the stance of monetary policy by changing the target range for the federal funds rate. For almost as long as the FOMC has issued post-meeting FOMC statements, they have reported what the committee decided about the fed funds target.
August 25, 2025 SpeechDovish
In my view, a key current challenge of monetary policy implementation is how to return central bank balance sheets to more normal sizes and compositions following the expansions undertaken in response to the pandemic. I'll focus my discussion on G7 central banks such as the Fed, European Central Bank (ECB), Bank of England (BoE) and Bank of Canada (BoC), which have similar approaches to monetary policy implementation and operate in broadly similar financial systems.
July 15, 2025 SpeechDovish
For now, I believe monetary policy is well positioned to achieve the FOMC's goals of maximum employment and price stability and to respond appropriately as the outlook changes.
June 3, 2025 SpeechDovish
And I believe that, to help the public understand how policymakers think about a range of possible environments, the FOMC should consider how our communications can better convey key risks and uncertainties and how monetary policy would respond to them.
May 29, 2025 Speech
For now, with the labor market holding strong, inflation trending gradually back to target, and risks to the FOMC's objectives roughly balanced, I believe monetary policy is in a good place. It could take quite some time to know whether the balance of risks is shifting in one direction or another.
May 19, 2025 Speech
In my view, rate control is not just about keeping the fed funds rate in the target range. The fed funds market is small.
April 10, 2025 Speech
For now, I believe the stance of monetary policy is well positioned.
February 25, 2025 Speech
So although I view a neutral mix of purchases relative to issuance as appropriate in the long run, it would make sense in the medium term to overweight purchases of shorter-dated securities so as to more promptly return the Fed's holdings to a neutral allocation.
February 6, 2025 SpeechDovish
So I don't usually try to judge whether the policy rate itself is restrictive or accommodative, but instead I think through how moving the policy rate will affect broader financial conditions.