Richmond Fed Pres. Barkin speaking and says:
- There are promising signs inflation pressures are easing, but may take time to show in data
- Sites supply improvements, easier hiring, view among executives that pricing power is temporary as evidence inflation progress is coming
- Inflation progress won't be predictable
- Fed to persist with tighter policy and not declare victory prematurely.
- Comfortable with the Fed rate hikes
- A good news story if the Fed does a bit too much and inflation comes down
- Country is a short labor, and demographic projections assist suggest it would worsen over time
There is some easing of the hawkish rhetoric but at the same time the Fed is still set on killing inflation and not letting it reignite.
- Dow is down -160 points or -0.54%
- S&P is down -7.19 points or -0.20%
- NASDAQ index is up 10.64 points or +0.1%
In the US debt market:
- 2 year yield 4.152%, -1.7 basis points
- 10 year 3.746%, unchanged
- 30 year 3.724%, +3.1 basis point