Dallas Federal Reserve Pres. Lori Logan is exploiting her dissent at the FOMC meeting this week. The vote to keep rates unchanged was 8 to 4 with Fed Miran voting to cut rates while Fed's Kashkari, Logan and voted to keep rates unchanged but to take out the easing bias from the official statement.
Logan says:
- Fed should not give guidance and point easing right now.
- That's next rate move could be cut or hike.
- Economic outlook is very uncertain right now.
- Jobs market has been stable.
- Increasingly concerned about getting inflation back to 2%.
- Outlook for inflation path is uncertain.
Fed's Kashkari and Hammack had similar thoughts:
- Kashkari: Pre-Iran: easing inflation and steady jobs pointed to gradual cuts
- Iran shock adds stagflation risk via oil and supply disruption
- Hammack: uncertainty up, inflation risks skew higher, easing bias outdated
- Both: hikes are back on the table if inflation persists
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