2023-05-18 13:21:27
Dallas Fed President Ronald Logan said the Federal Open Market Committee (FOMC) meeting in June did not yet have a clear rationale for halting rate hikes. It will be the most direct statement ever made by the president.
The president speaks at a conference held by the Texas Bankers Association in San Antonio on the 18th. “We have made some progress by raising the target range for the federal funds rate at all of the past 10 FOMC meetings,” according to the manuscript distributed in advance. “The data we get in the next few weeks could show that a moratorium on rate hikes would be appropriate, but as of today, we are not there yet.” Logan will have voting rights at this year’s FOMC meeting.
President Logan
Source: Dallas Fed.
The Fed’s president said he remains open ahead of the Fed’s next meeting on June 13-14, but expressed disappointment at the lack of progress on inflation. Inflation has not progressed well enough in the core, excluding volatile food and energy. The labor market remains tight and continues to put upward pressure on wages.
After Logan’s remarks were made public, interest rate swap markets priced in the odds of a June rate hike rose to about 40%.
Original title:Fed’s Logan Doesn’t Yet See Case for June Pause Amid High Prices(excerpt)
(Adds and updates Governor Logan’s remarks)
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