Fedspeak Monitor

Committee members this week voiced a range of views about the urgency to cut. The jobs data from earlier this month has shifted most of the Committee in the dovish direction, some more than others.

After last week's jobs reports, we're hearing Committee members pivot to talking about a September cut.

After FOMC and the July jobs report, we heard from Bowman and Waller defending their dissent at last week's meeting. A few others reacted to the jobs report and the downside revisions to the previous two months.

Waller continued to advocate for a July cut this week, arguing that policy is "just too tight."

A light week of Fedspeak. We heard from Powell this week, who dodged a question about a July cut.

An eventful week of Fedspeak changes many of our views of where Committee members are.

In the days after the FOMC press conference, we have a couple of speakers talking about the possibility that they may need to move to protect the labor market.

A light week of Fedspeak, but a few notable pieces from some of the Committee.

There's still a lot of speculation around the effects of tariffs in this week's Fedspeak, but they're still waiting for the data. The uncertainty around other policies is also encouraging them to stay noncommital on rate movements.