• Not seeing evidence that banking stress is doing Fed's job on inflation
  • Fed has to keep going in battle against inflation
  • Services inflation seems "pretty darn entrenched"
  • It may be that we have to go north of 6% but that isn't clear yet

There seems to be some differing opinions at the Fed currently but the remark on 6% rates is certainly reflective of more hawkish sentiment than what markets are thinking right now. USD/JPY is at the highs for the day now at 138.09 currently.