- Logan says she doesn't see the decision about slowing the pace of hikes as being particularly closely related to incoming data
- Process of Fed cooling the economy is just getting started
- A slower pace of hikes shouldn't be taken to represent easier policy
I take this as dovish. She's saying that even if the data remains hot, she wants to slow the pace of hikes anyway. That's a strong signal for 50 bps in December, which is 73% priced in with the remainder at 75 bps.
