Fedspeak Monitor

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.

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.