Fedspeak Monitor

Powell did his best to be as boring as possible during Humphrey Hawkins, but he distinguished himself from some more hawkish statements from other committee members over the past few weeks.

While no one revealed anything new about their expectations for the timing or size of rate cuts this year, the committee was keen on trying to downplay the hot January 2024 data.

Across the board, from presumed hawks to doves, the message from committee members this week is fairly unified: they are spooked by January's inflation data.

In an extended conversation at NABE on Friday, Daly provided a lot of insight into her thinking. There was a lot to like in her answers.

The rest of the committee speaks in a near-unified voice: we can be patient with cuts.

Statements by Bowman, Goolsbee, and Powell this week revealed little we didn't already know.

Committee members continue to be tight-lipped about the timing of cuts, with almost everyone out with some version of "it will depend on the inflation data."

Members are mostly loathe to talk about rate cut timing, but reveal some thoughts about the trajectory of the economy.

Just two speeches from Lorie Logan and Tom Barkin this week.