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Daly "More Work To Be Done" As Partly Conflicting Fedspeak Continues Ahead Of Blackout

FED
  • San Francisco Fed’s Daly (’24 voter) says it’s too early to declare victory on the Fed’s goals and that there may be more work to do.
  • It’s a similar stance to that taken by a typically more hawkish Dallas Fed’s Logan (’23) late yesterday with her base case that there is more work left to do but it will require a “carefully calibrated approach” (skip may be apporporate at Sept FOMC), and more surprisingly Atlanta Fed’s Bostic (’24) also seeing more work still to be done.
  • Coming towards a potential end of the hiking cycle, there is some discrepancy amongst FOMC participants. NY Fed’s Williams (voter) offered a typically balanced view yesterday that Fed policy is in a very good place albeit an open question whether we're sufficiently restrictive.
  • More notably though it's a view that was unusually provided by Gov. Waller (voter) early this week with uncharacteristically dovish comments noting latest data allows us to proceed carefully, with nothing indicating that we have to do anything imminently as we can sit and watch the data. The way the data's coming in right now is looking pretty good for a soft landing scenario.
  • It comes ahead of tonight's start of the FOMC blackout for Sep 20, with the next potential trigger US CPI on Sep 13.
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