The president of the Federal Reserve Bank of Chicago has been one of the central bank's more outspoken doves.
Midsize businesses that used the loan program have been buried by high interest rates.
The Chicago Fed chief said it makes sense to slow rate cuts at some point amid uncertainty over where the neutral rate is.
Powell's remarks prompted traders to pare back expectations for a December rate cut.
The Minneapolis Fed president said he wants “real evidence that the labor market is weakening quickly.”
Bets on fed funds futures are calling for a 25-basis-point cut in November.
Fed watchers are now turning their sights to policymakers' November meeting.
It was an aggressive start to a policy shift aimed at bolstering the U.S. labor market.
Michelle Bowman cast a dissenting vote, preferring to cut rates by a smaller amount.
Just a few surveyed economists expect a larger half-point reduction.
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