Fed's Logan (2026 voter, hawk) says Fed needs at least two more 25bp rate hikes

• Skipping a meeting does not change policy destination.
• Adjusting policy gradually can reduce risks of sharp economic deterioration.
• Gradual policy adjustments helps households, businesses and investors adapt to higher rates
• End goal is to make policy modestly restrictive
• Making the policy rate destination clear helps the economy adapt and obtain the benefits of a skip
• It is unacceptable that inflation is not headed back to the Fed’s 2% target
• After 50bps of rate hikes, a pause would make sense to determine what further action is appropriate

Single-official guidance of this specificity tends to move the front end at the margin rather than reprice the path outright; what has historically done the work is whether the view reflects the committee's centre of gravity or its more hawkish wing, since it is the median voter that sets direction and the tails that mark the range. The structure here is the familiar skip-then-hike framing: a pause to assess, with the destination unchanged, a pattern that in past tightening cycles has re-priced the timing of the next move at the front of the curve rather than its terminal level. Notably, the bullets carry a softer undertone than the headline number, with an explicit case for pausing once two further moves are delivered and an emphasis on gradualism to limit the risk of sharp deterioration, which reads as an attempt to anchor the terminal rate while staying flexible on pace. The hawkish leaning of the speaker is well established, so the signal is less in the direction than in the willingness to put a numerical path on the record ahead of other officials. Worth watching is whether peers adopt the same destination language, how it sits against the prevailing dots and market-implied path, and whether upcoming inflation prints validate the 'unacceptable' framing. As commentary rather than a decision, the read is directional.