FED: Context For Today's Five Fed Speakers

The majority of today's Fed speakers have spoken recently, although of course these will be the first comments post the court ruling. We would ordinarily have put most focus on Kugler and Logan but the former only gives opening remarks and the latter is comfortably after the close.  

• 0830ET – Barkin (non-voter) in a fireside chat (just Q&A). He said May 27 that people are being patient on investment decisions and waiting out policy uncertainty whilst there is no evidence that the drop in sentiment is affecting spending.
• 1040ET – Goolsbee (’25 voter, dove) in moderated Q&A (text tbd + Q&A). On May 23 he reiterated that the bar to move rates in any direction is higher but that rate cuts were still possible over a 10-16 month horizon.
• 1400ET – Kugler (permanent voter) opening remarks (just text). She said May 12 that it’s critical to keep long-term inflation expectations anchored but also that short-term expectations matter as they affect wage demand. Talking specifically on the tariff pause announced between the US-China on that day, it changes the magnitude that the Fed might use its tools but not the direction.
• 1600ET – Daly (non-voter) fireside chat (just Q&A). She noted in limited remarks on May 21 that policy is in a good place and that she’s highly sensitive to the risk of inflation. She’d previously said May 14 that the uncertainty shock from US government policy is not yet causing a demand shock.
• 1825ET – Logan (’26 voter) opening remarks and discussion (text + Q&A). She has recently focused on focused on market functioning, saying on May 19 that treasury and money markets are strong but not invulnerable. She previously talked on mon pol back on Apr 10.