PRIMER - Today’s Fedspeak includes Daly, Kashkari, Hammack, Williams

17:30BST/12:30EDT: Fed’s Daly (2027 voter, dove) will give an interview to Bloomberg TV (no text expected; Q&A is expected). Speaking in April before the FOMC meeting, Daly said the Fed is in wait-and-see mode, with rates slightly restrictive and just above a 3% neutral rate. Before the oil shock, she expected one or two cuts in 2026. If conflict ends quickly, cuts could resume, she said; if oil-driven inflation persists or broadens, rates may need to stay put or even rise. She said zero job growth may be the new steady state, offset by productivity gains.
18:00BST/13:00EDT: Fed’s Kashkari (2026 voter, hawkish) takes part in fireside talk (no text expected; Q&A is expected). Kashkari was part of the three voting officials (along with Hammack and Logan) who dissented to retaining the easing bias in the latest policy statement. Speaking last week, after the FOMC meeting, Kashkari said he wanted the Fed to signal rate-hike risks, warning a closure of Hormuz could trigger a price shock large enough to endanger inflation expectations and force a series of hikes to defend the 2% target. Before the war, he expected inflation to fall and support another rate cut this year.
19:05BST/14:05EDT: Fed’s Hammack (2026 voter, hawkish) will participate in a fireside chat (no text expected). Speaking last week, after the FOMC meeting, Hammack said she dissented against retaining an easing bias, arguing it is no longer appropriate given broad-based inflation pressures and energy-driven price rises. She sees upside inflation risks and downside labour market risks, with policy uncertainty elevated. Hammack said the economy remains resilient, while the jobs market is near full employment.
20:30BST/15:30EDT: Fed’s Williams (voter, neutral) will participate in a moderated discussion (no text expected; Q&A is expected). Speaking this week, Williams said eventual rate cuts remain likely over the longer term, and saw no need to consider hikes, with policy well placed amid uncertainty. He has recently revised down his 2026 growth view, upped his inflation view slightly, seeing around 3% this year (prev. saw 2.75-3.00%), before returning to target in 2027 (the Fed projections see a return by 2028), and unemployment between 4.25-4.50%. Williams said tariffs, energy and supply-chain disruptions are key inflation drivers, though expectations remain contained.