Comments from Fed's Evans:

  • Expect current policy to generate 2% inflation over time
  • Open minded about another rate cut if the data "come in that way"
  • Open minded about setting up standing repo facility

Evans isn't going to fight a rate cut if that's what Powell wants but it sure doesn't sound like he will be banging the table -- and that's notable because he's one of the bigger doves at the Fed.

Of course, that could all change if the data continues to miss, but today's new home sales numbers certainly didn't.