PRIMER - Today’s Fedspeak includes: Bowman, Williams, Goolsbee
SocGen raises its 2026 year-end S&P 500 target to 8000 (prev. 7300)
Andy Haldane told the BCC conference that radical measures were needed to provide start-ups companies with the capital they ned to grow
PRIMER - Today’s Fedspeak includes: Bowman, Williams, Goolsbee
US Secretary of State Rubio says Trump has multiple options if it doesn't work out with Iran; Oman is said they are not in favour of a tolling system for the Strait of Hormuz
Iran and Oman’s Foreign Ministers stress in phone call the importance of coordination in relation to maritime traffic in Strait of Hormuz
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- 13:45BST/08:45EDT: Fed’s Bowman (voter) will give remarks on small bank supervision and regulation. Speaking on monetary policy towards the end of May, Bowman said progress on lowering inflation has stalled, and that she would consider shifting the policy outlook if war-driven inflation broadens. She said it was appropriate for the Fed to retain an easing bias in its 29th April statement (note: this was removed in the June update), noting that the US economy has remained resilient despite labour market fragility. Bowman said the longer the Middle East war continues, the greater the risks to inflation, with an extended energy shock likely to pressure prices later this year, though she remains optimistic that the war’s end will bring lower energy costs. She described current policy as “moderately restrictive” and said the Fed can look through a temporary energy shock provided it remains credible on monetary policy. Meanwhile, Bowman spoke on supervision in early June, where she said that the US banking system remains sound and resilient, and that banks have strong capital ratios, liquidity buffers, lending growth and profitability, while delinquencies remain within historical averages. She cited regulatory reforms covering community bank leverage, capital rules, tokenised securities, stablecoins and liquidity.
- 20:40BST/15:40EDT: Fed’s Williams (voter) gives keynote address. Speaking earlier in June before the FOMC meeting, Williams said higher energy prices are lifting costs and inflation, but he saw no obvious argument to alter rates currently, describing current policy as “modestly” restrictive and “not far” from neutral. He said inflation is up “quite a bit,” driven by goods, energy, tech and AI, with much of the pressure stemming from computer-related price increases and tariffs, and expects inflation to peak in coming months before easing in 2027. Williams described the labour market as “healthy” and stabilised, with the economy growing at a solid pace. He said he does not intend to change his public speaking under new Chairman Kevin Warsh, adding the Fed does not have groupthink.
- 23:30BST/18:30EDT: Fed’s Goolsbee (2027 voter) will give remarks on monetary policy. Speaking over the weekend, Goolsbee said inflation remains well above target and is going the wrong way. He described the rise in services prices not linked to temporary shocks as “disturbing,” and warned that such pressures tend to be more persistent.
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