Three Federal Reserve officials said Thursday that a broadly stable economy allows the central bank to focus more on inflation than on employment.

Federal Reserve Presidents Tom Barkin of Richmond, Susan Collins of Boston and Jeffrey Schmid of Kansas City took part in a panel at the Richmond Fed's Investing in Rural America conference in Asheville, North Carolina, on Thursday morning.

When asked about the recent decision by the Federal Open Market Committee to raise the federal-funds target to 3.75% to 4% at the September meeting, all three said they supported the move and are continuing to monitor inflation trends.

Collins said her assessment of "appropriate policy" is based on the data. She believes economic growth is near trend, if not more robust than that. The labor market, overall, is balanced. But inflation is too high and has been too high for too long.

"The data that we see-there are some promising pieces, but there are some parts that aren't as promising, and I see more risks on the inflation side," said Collins, who is not currently a voting member of the FOMC. "And so with the labor market on relatively solid footing, monetary policy can focus on ensuring that we restore in a timely way, sustainable, durable 2% inflation."

Schmid agreed, pointing out that he dissented from the final two quarter-point rate cuts in 2025.

"If you don't control prices to a degree, then people can't keep up, and the things like wealth gaps just get bigger," he said. Schmid warned that policymakers need to have a "laser focus" on the implications of elevated inflation. Price growth has been above the Fed's 2% inflation target for more than five and a half years.

"We just haven't fulfilled our promise on the inflation side [of the mandate]," Schmid said, adding that he believes Chairman Kevin Warsh was correct when he said "we have work to do."

Barkin noted that in a speech last week, he compared the Fed's dual mandate of maintaining maximum employment and price stability to having two kids. "You love both of them, and sometimes you have to pay more attention to one of them. And right now inflation is the troublemaker," he said.

When asked what policy moves might be appropriate at the year's final two meetings and heading into 2027, all three Fed officials declined to answer. Barkin noted that answering would amount to forward guidance, which the FOMC has "made clear" it isn't interested in providing.