Still too early to say about June dots, but this week’s Fedspeak suggests the Fed sees the turmoil in the wake of SVB as unlikely to widen, but of possible sectoral relevance as a shock to small businesses, as we noted last week. Bullard is worried about OPEC’s recent oil supply cut making inflation more persistent, and Waller had some engaging musings on the Phillips Curve as an economic tool that retraced some arguments Preston had previously made about the plausibility of various “expectations” stories.

Summary Table

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