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.

What our latest note said

US Market Open, 23 Oct, 10:15 UTC · what it led with

US President Trump says the US crushed Iran, and may want to do it a "little more".

Crude benchmarks firmer on ongoing tensions in the Middle East; recent bout of strength comes after the Houthis launched another missile towards Saudi interests.

Headlines that moved markets

FX headlines from our feed, and what the market did next.

Fed’s Waller (voter) says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive.

DXY+0.1%

Japan's GPIF didn't discuss allocation at its September meeting, Bloomberg reports.

USD/JPY+0.1%

Japanese FX Official Mimura says they are closely watching to see if markets take the clear message they are giving at face value. Not satisfied with or reassured by recent JPY action.

USD/JPY−0.5%

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PRIMER - Today’s Fedspeak includes: Cook

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