US OUTLOOK/OPINION: Kashkari and Logan Headline Fedspeak

Today sees multiple Fed speakers on the calendar, including Bostic, Jefferson and Logan at an Atlanta Fed conference on financial intermediation. We put most focus on ’26 voters Logan and then Kashkari today for their first appearances since the May 6-7 FOMC meeting. Logan’s last comments only just came after the partial tariff pause back on Apr 9 and of course both will have preceded the de-escalation in US-China trade policy on May 12. 

• 0830ET – Bostic (non-voter) opening remarks at conference on financial intermediation. He told a Bloomberg Odd Lots podcast interview on May 14, published May 16, that he still sees just one rate cut this year amid uncertainty. The recent de-escalation in US-China trade tensions has only changed his outlook "a little".
• 0845ET – Vice Chair Jefferson (voter) gives keynote remarks before moderated discussion with Bostic (text + Q&A). He said May 14 that he sees Fed policy well positioned to respond in a timely way amidst higher risks to both sides of the mandate. He’s watching for signs of the economy weakening in the hard data.
• 0845ET – NY Fed’s Williams (voter) in moderated discussion at MBA event (Q&A only). His May 9 prepared remarks focused on central bank credibility - the bedrock of central banking is anchored inflation expectations - before subsequent Q&A and a BBG TV appearance suggested a similar stance to Powell, especially re there appearing to be no rush to cut rates.
• 1315ET – Logan (’26 voter) gives remarks and moderates panel at financial intermediation conference (text). Her last comments of note came on Apr 10 with a characteristically hawkish outlook: "For now, I believe the stance of monetary policy is well positioned"... "To  sustainably achieve both of our dual-mandate goals, it will be important to keep any tariff-related price increases from fostering more persistent inflation." A sustained burst of inflation could lead households and businesses to expect further price increases, especially following the persistently elevated inflation in recent years.
• 1330ET – Kashkari (’26 voter) in moderated discussion at U.Minnesota (Q&A only). He said Apr 22 that tariffs are at least somewhat inflationary and the Fed cannot allow inflation expectations to became unanchored. He’s not seeing evidence of widespread layoffs and noted that federal job cuts aren’t making a big dent in the economy. However, he added Apr 24 that he’s worried that enough uncertainty may cause layoffs and that the frequency of Washington announcements is a challenge.
• 1445ET – Bostic (non-voter) on Bloomberg TV