PRIMER - Today’s Fedspeak includes: Barr, Logan

14:00BST/09:00EDT: Fed’s Barr (voter) will participate in a moderated discussion. Speaking in mid-May, Barr said shrinking the balance sheet is the wrong objective, and warned proposals to do so could threaten financial stability. He added that scarce reserves could disrupt payments, create funding-market stress and raise panic risks, and argued that the 2023 bank stresses suggest liquidity requirements should actually rise.
21:00BST/16:00EDT: Fed’s Logan (2026 voter, hawk) will participate in a moderated discussion. Speaking in early May, Logan said the Fed should not give guidance implying an easing bias at the moment, given her view that the next rate move could be a cut or a hike. Logan noted that the economic outlook is very uncertain, the labour market is stable, and she is increasingly concerned about returning inflation to 2%. Last week, Logan warned that the world may need to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer; she said that if shipping through the Strait does not soon return to pre-war levels, consumption could need to fall more meaningfully than it has so far, with economic consequences depending on the degree to which end users can switch energy sources or curtail activity.