Feds Logan: Data at this time does not support skipping rate hike at the next meeting

Dallas Fed President Logan is expected to speak later but the text of her speech is being leaked out. CNBC is reporting:

• Data at this time does not support skipping a rate hike at the next meeting in June
• Data incoming weeks could yet show that it is appropriate to skip a meeting
• As of today, we are not there yet
• The Fed The Fed "The Fed" is a short-hand that refers to the Federal Reserve or Federal Reserve System, the central banking system of the United States. Traders often discuss the actions of the Fed, primarily interest rate decisions, as they significantly impact all financial markets.The Fed shouldn't be confused or substituted with the term "the Feds" and doing so tells everyone you're a total noob. The term "the Feds" refers to US Federal law enforcement, including such agencies as the FBI (Federal Bureau of "The Fed" is a short-hand that refers to the Federal Reserve or Federal Reserve System, the central banking system of the United States. Traders often discuss the actions of the Fed, primarily interest rate decisions, as they significantly impact all financial markets.The Fed shouldn't be confused or substituted with the term "the Feds" and doing so tells everyone you're a total noob. The term "the Feds" refers to US Federal law enforcement, including such agencies as the FBI (Federal Bureau of Read this Term still has work to do in achieving its goal of price stability
• It is a long way from here to 2% inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term
• She pointed out that the core PCE price index ran a 4.9% annualized pace in the 1st quarter. That was higher than the 4.4 pace in the 4th quarter of 2022
• Keeping an open mind ahead of the meeting
• She is concerned about whether inflation is falling fast enough
• Says Fed has not made enough progress toward 2% target
• Inflation is much too hard
• Restoring price stability is critical priority
• Labor market has called economy which is less out of bounds
• Recognizes arguments against tightening policy too much or too fast
• Effect of banking stress affects so far is comparable to a 25 – 50 basis point Fed policy rate increase
• Every bank in the US it should be fully set up at Fed's discount window and run regular tests

Logan is a voting member of the Fed this year. The market is pricing in a 26% of a 25 basis point hike at the June meeting. The Fed has so far raised rates by 500 basis points (5%)

Th US stocks have turned into negative territory with the Dow futures now implying a decline of -110. The NASDAQ is down -1 point and the S&P is down -8 points.

In the US debt market:

• 2 years is now up 7.7 basis points at 4.234%. That is testing the 100-day moving average at 4.245%
• 10-year yield is at 3.626%. Its yield is moving above its 100-hour moving average at 3.592% and its 200-day moving average of 3.61%