It can be hard to keep up with all of the Fedspeak out there. We track that for you by reading and watching every speech, town hall, essay, and interview we can get our hands on and curate that in an easily digestible form. We pull out the relevant and interesting quotes from FOMC members and provide up-to-date estimates of each individual member’s SEP dot.
Fedspeak Monitor
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Read the Latest
The Fedspeak this week continued to be noncommittal as the Iran conflict plays out.
Fedspeak was largely unchanged from previous weeks, given the uncertainty stemming from the fallout of the Iran conflict. On the whole, Fed officials are more concerned about inflation than the labor market.
Fedspeak was largely unchanged from previous weeks, given the uncertainty stemming from the fallout of the Iran conflict. On the whole, Fed officials are more concerned about inflation than the labor market.
Altogether, the jobs data moved the Committee marginally, but noticeably, more dovish compared to last week. Not enough for a March cut, but they're on guard.
Altogether, the jobs data moved the Committee marginally, but noticeably, more dovish compared to last week. Not enough for a March cut, but they're on guard.
Our baseline is for no cuts this year.
The meeting minutes released last week showed some strong resolve from the hawks, and the Fedspeak from last week leaned hawkish after this month's jobs report and a marginally hot PCE nowcast for January.
While the market has gotten more optimistic about cuts, we are going the other way. We have no cuts in 2026H1 as our base case, given the trajectory of inflation and the enduring steadiness of the labor market.
Cook and Jefferson sound more concerned about inflation; Daly continues her dovishness.