George of the Kansas City Fed warns that “abrupt” rate changes could weigh on the economy.

“This is already a historically rapid pace of rate increases that households and businesses must adapt to, and more abrupt changes in interest rates could create strains, whether in the economy or in financial markets,” said George, who dissented from the Fed’s three-quarters-point larger-than-expected rate hike in June.

“I find it remarkable that just four months after we started raising rates, there is more and more discussion about the risk of recession, and some forecasts point to lower interest rates as early as next year. Such projections suggest to me that “a rapid pace of rate hikes carries the risk of tightening policy faster than the economy and markets can adjust.”