Fed's Collins
- We are seeing some moderation in inflation, we've had 'promising news'
- Data is noisy, progress is uneven
- I won't overreact to promising news, we're positioned to be patient
- Three-month core is still at 3.4%
- I don't see additional hikes off the table, we really need to stay the course
- The work we've done is working its way through the economy
- It's important for us to be patient
- Goods inflation is back to pre-pandemic levels
- Rents in particular have been uneven
- I look overall on financial conditions and there's some restrictiveness on bank lending
- I'm seeing positive signs that labor supply and demand are more aligned
Fed officials aren't pushing back too hard on dovish market pricing, that's the signal.