PRIMER - Today’s Fedspeak includes Williams, Musalem, Barkin

13:55BST/08:55EDT: Fed’s Williams (voter, neutral) to speak in Reykjavik. Speaking in early May, Williams said rates are well positioned amid the Iran war, which has introduced significant and unpredictable risks to the economy; he attributed around one percentage point of March’s 3.5% PCE inflation rate to higher tariffs and energy prices. Williams sees inflation at around 3% for 2026 (vs FOMC median view of 2.7% in March), before returning to target in 2027 (FOMC median sees 2028); he sees GDP growth of 2-2.25% this year (vs Fed median of 2.4%) and next year (vs Fed median of 2.3%).
15:15BST/10:15EDT and 18:10BST/13:10EDT: Fed’s Musalem (2028 voter, hawk) to speak in Reykjavik. Speaking in early May, Musalem said risks are shifting more towards inflation than employment, with inflation running meaningfully above the 2% target. Musalem said the policy rate may be at or slightly below neutral, and that plausible scenarios exist for rates to be held steady, cut, or raised, reflecting significant uncertainty over the economic outlook. Musalem will also give an interview to Bloomberg TV at 18:10BST/13:10EDT.
20:00BST/15:00EDT: Fed’s Barkin (2027 voter, neutral) will participate in a fireside chat. Speaking last week, Barkin said current policy is well positioned to respond to ongoing shocks, but he declined to indicate whether a rate hike would be needed, stating that the path forward depends on consumer resilience, business hiring decisions, and whether inflation expectations remain anchored after more than five years of missing the Fed’s target.