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Cook Cautious On Inflation Victory, Bostic Repeats Rates Above 5%

FED
  • Governor Cook (voter) warned against an early victory on inflation, consistent with the minutes showing members were worried about an unwarranted easing in financial conditions but with remarks prepared prior to the today’s softer data. To that end, upcoming Q&A could be more timely. Select headlines below:
  • “Both figures [headline and core PCE] are down a bit from the peaks reached in the first half of last year. However, monthly data are quite volatile, so I would caution against putting too much weight on the past few favorable monthly data reports”
  • “We must be vigilant to ensure that pandemic-era cost pressures and disruptions do not have lasting effects on inflation.”
  • However “Although PCE housing services prices will likely increase further in the coming months as renters renew their leases, the deceleration in market rents suggests this process should slow appreciably over the course of this year.”
  • Bostic (’24 voter): SAYS THE US IS STILL IN A PANDEMIC ECONOMY – bbg
  • TOO SOON TO SAY INFLATION PEAKED BUT DATA ENCOURAGING – bbg
  • REPEATS HE FAVORS RAISING RATES ABOVE 5%, HOLD INTO 2024 - bbg
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