PRIMER - Today’s Fedspeak includes: Cook, Daly

A speaking-day primer of this kind is a preview, not an event, so the note is about positioning rather than reaction. The useful distinction is voter status: Cook votes at the current meeting and her framing, inflation risks outweighing employment risks with policy only mildly restrictive, sits at the hawkish end of where committee members have tended to land in this kind of stop-start inflation episode, so any softening or hardening of that hierarchy is the tell. Daly does not vote until later and has historically been a gradualist reluctant to give guidance; her two-scenario framing is the standard non-committal posture, and a Tokyo venue appearance late in the US evening typically passes with thin liquidity and limited follow-through unless the language shifts materially. The established pattern in runs of fedspeak is that a single speech moves the front end only at the margin; repricing has come when multiple officials converge on the same characterisation of the data, so the question is whether these remarks align with or diverge from the committee's recent centre of gravity. Both speakers have flagged tariffs, AI investment and energy as the swing factors, which raises the sensitivity of the next CPI and PPI prints as the validation point for either scenario. As scheduled commentary rather than a decision, the signal is directional at best.