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PRIMER - Today's Fedspeak includes: Kashkari, Barkin, Waller, Jefferson, Bowman, Cook, Williams, Logan

Days carrying this density of Fedspeak rarely move the front end on any single speech; what has historically repriced the path is whether a common thread emerges across the speakers, particularly among current voters, and whether it converges on timing.

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Fed's Kashkari says economy keeps surprising him how resilient it is; Fed will do what it needs to do to get inflation back to target

Iran President Pezeshkian says Tehran will never shy away fro dialogue even as the US targeted Iran several times, reports Tasnim

PRIMER - Today's Fedspeak includes: Kashkari, Barkin, Waller, Jefferson, Bowman, Cook, Williams, Logan

TotalEnergies (TTE FP) CEO says it is invest USD 10bln in Argentina

ECB's Nagel says all ECB instruments are for delivering price stability not for certain yield levels

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  • 13:30BST/08:30EDT: Fed’s Kashkari (2026 voter) gives an interview to Bloomberg TV. Overnight, Kashkari said inflation remains too high at around 3%, and recent data did not change that assessment. He said economic resilience raises questions over how restrictive policy is, and suggested that the neutral rate may be higher. Kashkari has pencilled in one more hike this year, and another next year, while stressing inflation must return to 2%.
  • 14:05BST/09:05EDT: Fed’s Barkin (2027 voter), Collins (2028 voter) and Schmid (2028 voter) speak at a rural investment conference. Speaking last week, Barkin said the Fed raised rates in September because risks to inflation outweigh those to maximum employment, adding the hike will help restore price stability though further increases remain uncertain. He said economic conditions are “if anything, firming,” with momentum evident beyond data centres and AI in consumer spending, defence and manufacturing. Barkin said the labour market is not overheated or particularly tight, and added that the Fed cannot assume markets will keep rates at levels needed to cool inflation. Fed’s Collins supported the Fed’s September rate hike, and said risks of inflation remaining notably above 2% have increased. She said labour-market conditions appear somewhat stronger, allowing policy to focus on restoring price stability. Collins added that a somewhat restrictive federal funds rate should help return inflation durably to target. And speaking last week, Schmid said authorities need to assess whether the expanding AI and data centre ecosystem is becoming “too big to fail”; he said the Fed should understand the network of firms and contracts involved and whether any systemic risks are emerging.
  • 15:00BST/10:00EDT: Fed’s Waller (voter) will give remarks on economic data. Speaking in early September before the FOMC meeting, Waller said he was leaning towards keeping rates steady if August inflation data shows continued progress, though he would consider a hike if inflation comes in hot; ultimately, he sided with the consensus in endorsing a hike to 3.75-4.00%. He described the previous FFR target of 3.50-3.75% as only slightly restricting demand, adding it may not take much inflation acceleration to prompt him toward tighter policy. Waller said elevated energy prices and tariffs are no longer a significant source of ongoing inflation pressure, though he sees some upside risks from AI-related technology costs.
  • 18:30BST/13:30EDT: Fed Vice Chair Jefferson (voter) will speak on the outlook for policy and the economy. He avoided comments on monpol/outlook last week, but speaking in July, before the FOMC’s July meeting, Jefferson said then-current policy should support the job market while allowing inflation to resume its decline toward 2%, though it could be appropriate to reconsider the stance if inflation does not start cooling soon. He said the Fed is closely monitoring the Middle East conflict and AI proliferation, expecting muted demand effects from the conflict given the US is a net oil exporter.
  • 20:00BST/15:00EDT: Fed’s Bowman (voter) will give remarks on financial regulation. Bowman avoided comments on monpol/outlook earlier in the week. Speaking in mid-September, she said Fed supervisors should have known about SVB’s vulnerabilities as early as March 2022, more than a year before the bank’s failure, with delays not attributable to earlier deregulatory efforts. She attributed inaction to a culture of risk aversion among supervisors, compounded by unclear decision rights, and said the Fed will finalise stress test reforms in the coming weeks to improve transparency and reduce capital requirement volatility. Going forward, the Fed will average a bank’s last two stress tests when assigning its stress capital buffer.
  • 20:30BST/15:30EDT: Fed’s Cook (voter) and Williams (voter) participate in a panel discussion. Speaking this week, Cook said inflation has been too high for too long and she is committed to returning inflation to 2% while preserving labour market strength. And in remarks this week, Williams suggested the Fed could wait until December before raising rates again, saying there is “no need for urgency” following September’s policy action, though another increase “late this year” might be appropriate.
  • 23:45BST/18:45EDT: Fed’s Logan (2026 voter) speaks at a Dallas Fed event. Speaking in July, Logan said inflation risks were tilted to the upside and the solid labour market is strengthening somewhat. She would have preferred a 25bps rate hike at that meeting, arguing policy is not restraining the economy and inflation is not on track to reach 2%. Logan said modest near-term tightening would have reduced the risk of sharper action later. She was one of three voting members who hawkishly dissented in July, calling for a 25bps hike.
Context

Here the relevant distinction is between the hawks already on record (Kashkari pencilling further hikes, Logan's prior dissent for an immediate move) and the more patient centre, with Williams' suggestion that December would suffice for any further action the closest thing to a median-voter signal, given his standing on the committee. Waller's framing that policy was only slightly restrictive at the prior range is the tell on how little data it would take to shift the balance, and his remarks on economic data are typically the most market-sensitive slot in a lineup of this kind. Bowman's financial regulation remarks sit in a different channel: stress test reform and the averaging of consecutive tests feed through to bank capital buffers and buyback capacity rather than to rates pricing. The established pattern on multi-speaker days is that staggered timings produce incremental repricing in fed funds futures through the session, with the panel format (Cook, Williams) more prone to unscripted policy color than set-piece speeches. Non-voter commentary from the 2026-28 cohort has historically carried weight mainly where it sharpens the known shape of the internal debate rather than introducing a new one.

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