In this edition of Central Bank Watch, we’ll review comments and speeches made by various Federal Reserve policymakers before the communications blackout window ahead of the November Fed meeting. For the most part, Fed policymakers deployed very hawkish tones in September and October, dismissing the idea that the rate hike cycle is finished and that a pause is coming in early-2023.
Evans noted the Fed’s main rate “is beginning to move into restrictive territory, but with inflation as high as it is, and getting inflation under control being job one, it’s not nearly restrictive enough.”Bullard referenced the September Summary of Economic Projections, and observed that “if you look at the dots, it does look like the committee is expecting a fair amount of additional moves this year.”– Daly reiterated that “our No.
Bostic discussed his rate hike expectations through the end of 2022, and outlined that he “would like to reach a point where policy is moderatelyrestrictive – between 4% and 4.5% by the end of thisyear – and then hold at that level and see how the economy and prices react.
Bowman confirmed support for additional tightening when she said “if we do not see signs that inflation is moving down, my view continues to be that sizable increases in the target range for the federal funds rate should remain on the table.”Daly called the September US inflation report “disappointing,” and said she preferred to see the main rate between 4.5% and 5%.
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