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Collins: Need Greater Clarity Before Cutting Gradually

FED

Boston Fed's Collins ('25 voter) reiterates themes from earlier this month around the need for greater confidence that inflation is sustainably on a path to 2% before cutting, with cuts expected later this year.

  • “Recent data illustrate the need for greater clarity that inflation is sustainably on a path back to the 2% target before adjusting the policy stance,”
  • “I do expect the economy will eventually slow as we see the full effects of past monetary policy actions take hold. But I also expect the path will continue to be bumpy, and we should not overreact to individual data readings”
  • Pace of cuts: "A methodical, forward-looking approach to reducing rates gradually should provide the necessary flexibility to manage risks, while promoting stable prices and maximum employment,"
  • Her prepared remarks don’t have much impact on Fed pricing, which has eased today despite GDP revisions showing signs of stronger domestic demand and slightly faster than previously thought core PCE inflation back in Q4. There are currently 82bp of cuts priced for 2024.
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