The background to Federal Reserve Chair Powell's speech on Friday was a non-stop barrage of hawkish remarks from his Federal Open Market Committee (FOMC) colleagues on Thursday. Say what you like about Powell but he does orchestrate them of all singing from the same song sheet. There are nuances, but none of the FOMC take an opposing stand. It leaves no doubt what to expect from Powell on Friday.
- Fed's George: There is more work to be done on high inflation
- Fed's Bostic: Strong data may make a case for another 75 bps rate hike
- Fed's Harker: We need to get to a restrictive stance, which we will do by year-end
- Fed's Bullard: My baseline is inflation to be more-persistent than many on Wall St think
