Fed's Collins
Fed's Collins
  • We are seeing some moderation in inflation, we've had 'promising news'
  • Data is noisy, progress is uneven
  • I won't overreact to promising news, we're positioned to be patient
  • Three-month core is still at 3.4%
  • I don't see additional hikes off the table, we really need to stay the course
  • The work we've done is working its way through the economy
  • It's important for us to be patient
  • Goods inflation is back to pre-pandemic levels
  • Rents in particular have been uneven
  • I look overall on financial conditions and there's some restrictiveness on bank lending
  • I'm seeing positive signs that labor supply and demand are more aligned

Fed officials aren't pushing back too hard on dovish market pricing, that's the signal.