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PRIMER - Today’s Fedspeak includes: Barkin, Bowman, Daly, Schmid

Newsquawk Staff ·

  • 13:30BST/08:30EDT: Fed’s Barkin (2027 voter) will take part in a fireside chat. Speaking in May, Barkin said the Fed is well positioned to respond to ongoing economic shocks, with the path of policy depending on consumer resilience, business behaviour and whether inflation expectations remain anchored. He reiterated that supply shocks risk loosening the inflation anchor after more than five years above the target. Barkin said he was nervous about both inflation and the labour market.
  • 15:00ST/10:00EDT: Fed’s Bowman (voter) testifies before House financial services committee. Her testimony will say that the US banking system remains sound with strong capital ratios and liquidity buffers, though non-bank financial institutions are capturing a growing share of the lending market without facing comparable regulatory standards. She will highlight recent reforms, which include a finalised community bank leverage ratio framework, proposed capital framework modernisation published in March, updated capital treatment for tokenised securities and revised model risk management guidance. The Fed is also developing stablecoin regulations under the GENIUS Act and strengthening liquidity regulations to support banking system stability, Bowman will note.
  • 16:40BST/11:40EDT: Fed’s Daly (2027 voter) will give an interview on Bloomberg TV; she will also participate in a Bloomberg event at 18:10BST/13:10EDT. Last week, Daly described herself as cautiously optimistic about the economy and said Fed policy is in a good place, reiterating the importance of restoring price stability without harming economic activity. Daly said the main barriers to sustained productivity growth from AI are largely regulatory rather than technological, and that she sees green shoots of AI-driven productivity gains with no evidence of mass unemployment or displacement.
  • 18:00BST/13:00EDT: Fed’s Schmid (2028 voter) will participate in a fireside chat. Speaking last week, Schmid said his primary concern is inflation, which is “too hot,” warning against viewing the oil shock as transitory and placing little weight on the idea that the recent inflation jump will prove temporary. Schmid said monetary policy is not very restrictive, and officials may need to consider how to make it more so, including through the balance sheet, while retaining optionality to move rates in either direction. On AI, he noted some evidence it is depressing hiring but not driving firings, while the labour market remains broadly in balance, buoyed partly by healthcare hiring.
  • Note: ahead of its 16-17th June policy meeting, the Fed will go into blackout at the end of this week.

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