Bostic from the Federal Reserve
- Inflation has fallen dramatically.
- We are about to be ready to cut prices.
- We will have to think carefully about what is happening in the labor markets.
- Our policy has had its effect and we can begin to return to normal politics.
- The numbers in the last few months have been more positive.
- Core inflation still looms, and we still have a long way to go.
- Inflation has come down faster than I expected, which to me means it may be time to move forward with easing (previously it had only one cut on the dot chart)
- You can’t ignore the data, it came in a way that shows it’s closer to moving than further away.
- For me, I just want to see the following two data points:
- We’re in a pretty good place, but I don’t take that for granted.
- Markets were eager for the crisis to end. Patience is required.
There is some pushback here on future rates, as he has said twice that he wants to see “a few” or “a few months” of data. Of course, we won’t get two months of anything before the FOMC meeting on September 18. Bousik is a fairly hawkish figure, so the pushback isn’t a huge surprise, but it’s still hawkish in a market that is pricing in a 26% chance of a 50bp rate cut.
We’ll hear back from Busick soon as he’s scheduled to appear on Bloomberg.
Others:
- 11:00: Harker on Bloomberg
- 12:30: Goolsbee on CNBC
- 13:45: Goolsby on Fox Business
- 14:15: Goolsbee on Bloomberg
We’ve been hearing from all of these voices lately and at 10 a.m. ET we’ll hear from the one voice that really matters.