Fed speakers this morning walking the hawkish tightrope: • D...
Fed speakers this morning walking the hawkish tightrope:
• Downplaying CRE risks
• Magnifying risks of cutting rates too soon
• Wanting to see more progress on inflation
• Bostic sees 1 cut in 2024
• Goolsbee still seeing 3 cuts in 2024
Fed's Bostic:
• I want to avoid volatility from the balance-sheet runoff.
• The Fed is aware of CRE risks but doesn't see them as broad-based.
• Cutting rates too soon could be more disruptive.
Fed's Goolsbee:
• We're in a bit of a murky period with inflation.
• It doesn't feel like the story fundamentally changed.
• The Fed has to strike a balance with its dual mandate.
• We need to see progress in inflation coming down.
• Three cuts in 2024 was in line with my thinking.
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