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Cook Maintains Hawkish Fed Line

FED
  • Governor Cook, in her debut prepared remarks for PIIE, kept to hawkish Fed language.
  • Sees Fed likely keeping policy “restrictive for some time”, thinks it “critical that we prevent an inflationary psychology from taking hold” with actual inflation showing “a slower decline than I had anticipated, and I am seeking to better understand the reasons" whilst focusing "on the lag between signs of easing price pressures and actual inflation coming down".
  • She follows Kashkari (’23 voter) most recently seeing “almost no evidence that inflation has peaked” and that “we are quite a ways away from a pause in rate hikes”, helping Fed Funds price a 71.5bp hike for the Nov FOMC, before 120bp to 4.28% in Dec, 4.53% terminal in Mar’23 and 4.26% Dec’23.
  • Cook's full speech here: https://www.federalreserve.gov/newsevents/speech/cook20221006a.htm
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