PRIMER - Today’s Fedspeak - Williams, Miran

13:35BST/08:35EDT: Fed’s Williams (voter) will speak at a Federal Home Loan Bank of New York event. Speaking at the end of March, Williams said policy is well positioned to handle current uncertainties. Williams warned the conflict could result in a large supply shock simultaneously boosting inflation and dampening economic activity, adding that disruptions in energy and related goods have already begun to play out. He expects 2026 growth of around 2.5% (vs Fed median of 2.4%) and inflation of 2.75% (vs Fed median of 2.7%) before retreating to 2% next year, a slightly more optimistic outlook than some of his FOMC colleagues, who see inflation above target until 2028.
15:35BST/10:35EDT: Fed’s Miran (voter, dovish dissenter) will speak on the global outlook. Speaking this week, Miran said the Iran war energy shock has yet to lift longer-run inflation expectations, and he expects inflation to return to target within a year. Miran said a wage-price spiral is unlikely given the labour market’s gradual cooling trajectory, and that not responding to the supply shock remains reasonable central bank practice.