Fedspeak Monitor

This week we heard from a number of doves who were non-commital about a December cut.

At the FOMC press conference Powell made clear that there is a lot of disagreement over whether or not the Fed will cut in December, and that was reflected in the Fedspeak this week.

In the absence of government data releases, Powell said his outlook remained unchanged, signaling the Fed's intention to cut anyways in October.

The Fedspeak took a turn for the dovish this week, with several members revising their assessment of the balance of risks towards the labor market.

In the absence of jobs data last week, FOMC members mostly continued explaining the same views as they did the previous week.

Although the Committee (mostly) reached a consensus on a 25 bp "risk management cut" at the September meeting, the Committee remains divided over whether or not further cuts are warranted.

In the last week of Fedspeak before the September meeting, we have a bit more shifting of the FOMC towards easing policy.

A light week of Fedspeak coming into jobs week. Not much has changed; participants mainly solidified their previous views

Powell opened the door to a September cut but that doesn't mean the Fed will walk through it.