PRIMER - Today’s Fedspeak includes: Cook

19:00BST/14:00EDT: Fed Governor Cook (voter) will gives pre-recorded opening remarks on small businesses at the Cleveland Fed State of Small Business Symposium. Given the forum and subject matter, there is a possibility Cook will avoid comments on monetary policy and the economic outlook. Speaking towards the end of May, Cook said the right course of action is to hold rates steady, with risks tilted toward higher inflation that is “clearly moving in the wrong direction.” She said she would be prepared to raise rates if expected disinflation fails to appear in a timely manner, but would cut if the labour market deteriorates. Cook noted even temporary shocks could push up inflation in the medium term, while AI-related job losses could precede job gains; she described the labour market as “largely stable” but with elevated downside risks. Cook said she is closely watching inflation expectations and oil prices, warning it would be problematic if oil moved in the wrong direction.