Fed Barkin. Would like to see a period of sustained inflation under control

• Would like to see a period of sustained inflation
• Would like to see inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term running at target for some time
• There is more tightening to come to get rates into restrictive territory
• The economy is in a fundamentally sound place
• Inflation is being driven by commodity prices, supply chain issues, demand
• I want to see real rates across the curve to be sustained in positive territory
• Need to sustain them there and follow through with expectations on rate hikes
• Demand is definitely softening. Businesses that benefit from Covid are seeing levels come back to normal
• Demand for hire and services is still strong
• Consumers really dislike inflation
• Inflation is exhausting, unfair, creates uncertainty
• Try to get inflation down on sustained basis and then can talk about what you do with rates
• If you can get inflation to target for a number of months, that's what would like to see (the target is 2%)
• Not every recession is like the great recession; there have been a lot of modest recessions
• We've got a lot of time before September meeting (Not committing to 75 basis point hike)
• Still have jobs, PCE and inflation reports before the next meeting
• Will be watching the data and make up mind closer to meeting
• Impact on mortgage rates and housing happened much quicker
• To the extent the economy softens that would weaken job openings and unemployment rates
• We'll see how much demand will need to soften to get inflation under control
• I don't have any problem trying to normalize the balance sheet as rates rise

US stocks are relatively little changed during markets comments:

• Dow Jones up 103 points or 0.31%
• S&P up 24 points or 0.57%
• NASDAQ index up 113 points or 0.89%

Looking at the debt markets, the 2 year yield has seen a move back to the upside since the Michigan report. The 10 and 30 year yields have moved more to the downside

• 2 year yield 3.25% +2.7 basis points
• 10 year yield 2.851%, -3.8 basis points
• 30 year 3.127%, -5.2 basis points