- CPI report on Thursday was a reminder that we have work to do on inflation
- CPI shows inflation is not cooperating
- Labor market is cooling
- Today's retail sales report another sign of some cooling
- We will have to be data dependent on rate hikes
- We are working in a global economy, lots of uncertainty and risks
- No doubt that we need more restrictive policy
- We are rightening into a strong economy
- I still think SEP projections are really reasonable
- Too much uncertainty for it to be prudent to write down exact rate hike path
Daly is a mouthpiece for Powell and the comment about CPI being a lagging indicator is somewhat of a sign that 100 bps isn''t coming on Nov 2. It's currently priced at 13%.
