Comments from the San Francisco Fed President in a Bloomberg TV interview:

  • Need to see if data is transitory or not
  • Need to see if forces slowing in a meaningful way
  • Markets are trying to think about the Fed reaction function
  • Too early to say if rate cut is needed or what size
  • Not seeing much pass-through on tariffs to final prices
  • Trade uncertainty is headwind holding back economy
  • Tariffs seen as modest impact on inflation, growth
  • Companies are shelving margin projects due to trade tensions

More to come