FED: Logan (’26 Voter) Repeats Difficulty In Supporting Dec Cut After NFPs

Dallas Fed’s Logan ('26 voter, hawk) has echoed her prior views. This from last week: "I think it would be hard to support another rate cut unless we were to get convincing evidence that inflation is really coming down faster than my expectations or that we were seeing more than the gradual cooling that we've been seeing in the labor market". Bloomberg headlines: 

• *FED'S LOGAN: WOULD FIND IT DIFFICULT TO CUT AGAIN IN DECEMBER"
• *LOGAN: HOLDING RATES WOULD ALLOW FED TO ASSESS RESTRICTION"
• *LOGAN: EXPECT TO RESUME GROWTH OF FED BALANCE SHEET BEFORE LONG"
• *LOGAN: FED NEEDS TO OFFSET TAILWINDS FROM FINANCIAL CONDITIONS" - all bbg

Unsurprisingly, it sees her maintain a contingent of incoming ’26 voters who don’t seem in a rush for further rate cuts, with Paulson the least hawkish of the three. From yesterday after the September payrolls release: 

• Hammack (’26) said the jobs report is 'a bit stale' but is in line with expectations, looked a bit mixed and highlighted challenges faced by monetary policy.
• Paulson (’26) said the higher u/e rate is still in the “neighborhood of full employment” and generally viewed the September data as encouraging. "Each rate cut raises the bar for the next cut. And that’s because each rate cut brings us closer to the level where policy flips from restraining activity a bit to the place where it is providing a boost. So, I am approaching the December FOMC cautiously.”