A wealth of Fedspeak this week has substantially clarified whose dots were whose on the most recent SEP. Goolsbee’s dovish speech strongly suggests the lone 4.875 dot was his, while Waller makes the case for further hikes. Bostic and Harker strongly implied their previous dots landed at 5.125%. Everyone, however, stressed the importance of remaining careful and data-dependent as the pandemic recovery continues to unfold and the economy encounters new headwinds.

Summary Table

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