FED: Watching Williams In Today’s Further Heavy Fedspeak

Today’s Fedspeak sees four different speakers but we focus primarily on NY Fed’s Williams who last spoke Mar 31 and an influential member of the FOMC. Musalem last spoke Apr 9, just before the 90-day pause announcement, whilst Kashkari and Collins have both spoken since. The next major Fedspeak steer is likely to come from Fed Chair Powell however, added to the calendar yesterday for an appearance on Apr 16. 

• 0800ET – Kashkari (’26 voter) on CNBC. His initial reaction to Apr 9 tariff retaliation was seeing a little less inflation impact if the tariff pause endures. He still though saw a high bar for cutting rates, having earlier in the day argued against moves in either direction.
• 0900ET – Collins (’25 voter) on Yahoo Finance. She yesterday afternoon capped off various FOMC member appearances on the need for patience amidst uncertainty. Her view of tariffs impacts her economic outlook, concluding that holding rates steady for "a longer time is likely to be appropriate" with there needing to be a “compelling” signal to cut pre-emptively.
• 1000ET – Musalem (’25 voter) on US economy and policy (text + Q&A). He spoke recently, on Apr 9, but before Trump’s China escalation and broader 90-day pause. Typically one of the more hawkish members of the committee, he noted higher inflation risks and that a recession isn't in his baseline in a Reuters interview.
• 1100ET – Williams (permanent voter) on economic outlook and mon pol (text + Q&A). Speaking pre “Liberation Day” on Mar 31, he wanted to watch data to see the impact of tariffs on prices and is keeping an open mind on how long tariff impacts might last. His baseline view was that inflation would be relatively stable but with definitely a risk of higher inflation.