Fedspeak Monitor

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.

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.