Christopher Waller

Waller is a hawk is this isn't surprising but the bulls might have hoped for something a bit more measured. The market is pricing in an 87% chance of 75 bps on July 27. It had fallen as low as 50% this week.

My takeaway from both Waller and Bullard is that growth is a bigger part of the equation than they're letting on. If they see a recession it will mean that inflation is tamed, in their eyes.