From The Man himself:
Is there a July Fed action coming to take back a one-quarter rate cut? I think so. That would put up the target to 2.25 percent. It would be a shot heard round the world, strengthening the dollar and attracting new liquidity and capital flows into the US economy. Bullish for containing inflation, keeping down the unindexed capital gains tax, and helping stocks and the economy to recover. Plosser is right on the money.