Rosengren will be on BloombergTV
Eric Rosengren dissented at the most-recent Fed meeting because he wanted to leave rates unchanged. He's scheduled to appear on BloombergTV at the bottom of the hour.
His explanation for going against the grain was to publish a series 8 charts that argued:
- Unemployment near 50-year lows
- Trimmed mean PCE inflation is at 2%
- US economy growing above potential
- Cost of credit is not elevated
- Market volatility is not elevated
- Credit spreads are not elevated
- Stocks are near all-time highs
- Corporate leverage is at an all-time high
Numbers 5 and 7 are less true today. We haven't heard from him since Trump launched his latest round of tariffs.
The risk here is that he climbs down from his dissent. That would be positive for risk and the dollar ex-yen.
