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Cook: Prudent For Fed To Move In Smaller Steps

FED
  • Treasuries currently fade Fed Governor Cook’s comments coming within an hour of Chair Powell’s remarks, with 2YY currently +4.5bps on the day at 4.521%, although they do offer a cautious tone than most recent Fedspeak.
  • Fed Governor Cook said it would be prudent to start moving in smaller steps, given the monetary tightening already in the pipeline and that policy works with long lags.
  • “How far we go, and how long we keep rates restrictive, will depend on observed progress in bringing down inflation,"
  • Housing-related inflation: “Notably, inflation in housing costs shot up this year and will likely contribute substantially to overall inflation for some time” but “some good news is emerging on this front. Rent increases on new leases have slowed in recent months”.
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