PRIMER - Today’s Fedspeak includes: Cook, Daly

21:05BST/16:05EDT: Fed’s Cook (voter) will speak on the economic outlook. Speaking last month before the July FOMC meeting, Cook said she is prepared to act if inflation does not begin to slow soon, while willing to wait to observe how conditions unfold. She said inflation risks were now outweighing employment risks, citing the AI investment boom, tariffs, and Middle East conflict. She framed policy as mildly restrictive, and said that recent CPI and PPI data were insufficient to constitute a trend.
01:35BST/20:35EDT: Fed’s Daly (2027 voter) speaks at event in Tokyo. Speaking last month before the July FOMC meeting, Daly said monetary policy was slightly restrictive, saying the next step was unclear amid robust AI-related investment growth and a stable labour market. She outlined two scenarios: persistent inflation requiring Fed action, or faltering growth. She noted that inflation has risen on tariffs and oil prices, though oil has since eased, adding that the decline in oil prices since the Iran war ceasefire was beneficial. Daly described herself as a gradualist, unwilling to provide rate guidance.

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, Daly

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