Comments from the Richmond Fed President

  • Not focused on calendar in taper discussion
  • Wants to see more improvement in job market and particularly a further increase in employment to population
  • Feels inflation may have 'crested' but is not dismissing risks that supply shocks and other dynamics may keep it higher for longer
  • Fall will be a key test. If workers do not return in significant numbers it could challenge assumptions about maximum employment
  • Delta variant effect remains an open question

That's dovish stuff and matches up with what Evans said yesterday.