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PRIMER - Today’s Fedspeak includes Bowman, Cook, Daly, Goolsbee, Miran, Waller

The upcoming speeches from various Federal Reserve officials suggest a dovish tone on monetary policy, with several voting members highlighting risks to inflation and the labor market.

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PRIMER - Today’s Fedspeak includes Bowman, Cook, Daly, Goolsbee, Miran, Waller

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  • 10:45BST/05:45EDT: Fed’s Cook (voter, neutral; text expected) will speak on tokenisation and the financial system, and is therefore not expected to comment on monetary policy or the economic outlook. Speaking last month, Cook said the Iran war had shifted risks toward inflation. She said labour market risks were balanced but precarious, while tariffs and the war had pushed inflation further from the Fed’s 2% target.
  • 12:00BST/07:00EDT: Fed’s Miran (voter, dove; Kevin Warsh’s confirmation would fill the Board seat currently occupied by Miran, and Miran will serve until it is confirmed) will give an interview to Fox Business. Miran dovishly dissented at the Fed’s April confab, calling for a 25bps rate cut. Speaking before the meeting, Miran said he would pencil in three rate cuts in 2026, vs his prior outlook before the Iran war where he was pencilling in four reductions. He sees rates slightly below neutral. Ahead, he said energy shocks need persistent price effects to shape policy, and inflation should reach target in about a year, adding that tariffs were not driving core goods inflation.
  • 16:05BST/11:05EDT: Fed’s Goolsbee (2027 voter, dovish) will give an interview on CNBC, and later give an interview to Bloomberg TV at 19:20BST/14:20EDT. Speaking this week, Goolsbee said he is open to new thinking on inflation, but sees no silver bullet. He warned prolonged high oil prices could raise inflation expectations, while persistent core services inflation, AI-linked wage gains or wealth-driven spending could force a policy rethink. Goolsbee added that the labour market is stable, but inflation progress has stalled above target.
  • 00:30BST/19:30EDT: Fed’s Bowman (voter, dovish), Daly (2027 voter, dove), Goolsbee (2027 voter, dovish) and Waller (voter, dove) will participate on a panel. Bowman last spoke on policy in March, when she said that she had pencilled in three interest rate cuts in 2026. She said that she was still concerned about the labour market. More recently, the Fed’s Vice Chair for Supervision said regulators must consider how to supervise technologies such as Anthropic PBC’s Mythos; she said such tools can help firms address self-identified vulnerabilities and enhance cybersecurity, but could also be used maliciously to identify and exploit weaknesses. Daly spoke on Thursday, and said the key FOMC takeaway was unanimous agreement to hold rates, not statement wording. Daly saw no rise in long-term inflation expectations, said policy is slightly restrictive and would pressure inflation lower if the US-Iran war resolves, while the labour market remains stable and non-inflationary. Waller, in remarks before the April FOMC, said central bankers now understand the importance of inflation expectations vs the 1970s; he said tariff uncertainty may be weighing on hiring. Waller said that the USD’s reserve status remains secure, and private credit does not pose systemic risk. On inflation, he warned a prolonged war could lift inflation and weaken jobs, complicating Fed policy.
Context

Importantly, any comments on the potential for future rate cuts will be closely watched, as they could influence market sentiment regarding the Fed's path going forward. Additionally, concerns about external factors like the Iran war and energy prices complicate the central bank's policy outlook, making these discussions crucial for both economic forecasts and market dynamics.

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