NY Fed Pres. Williams: I don’t feel an urgency to cut rates

NY Fed Pres. Williams is speaking and reiterates sentiment from earlier this week

• I don’t feel an urgency to cut rates.
• It data fed is that data dependent and the datah as been good
• We have a strong economy.
• Economic imbalances have been reduced
• Fed rates haven’t cause the economy to slow too much
• Monetary policy is in a good place.
• Eventually interest rates will need to be lower.
• Rate cuts will be determined by economic activity.
• Fed rate hike are not my baseline forecast.
• If data called for higher rates, Fed would hike
• Fed has work to do to lower inflation.
• Fed 2% inflation goal is the right objective.
• Critical for the Fed to achieve its 2% inflation goal.
• Economy back on pre-pandemic growth track.
• Is watching performance of China’s economy

The speaking points for Fed officials has been shifted this week with the Fed chair Powell saying that rates need to stay where they are for longer. The Fed chair also did not say that a rate cuts were likely to start this year.

Fed Gov. Jefferson got in line yesterday. Fed Atlanta Fed Pres. Bostic has been speaking to the as has other Fed officials (even the most dovish perhaps Kashkari).

The Fed goes in there quiet period on Friday after the close ahead of the May 1 rate decision. To go on the scheduled speaking calendar today:

• Atlanta Fed Pres. Bostic will speak at 11 AM ET
• Atlanta Fed Pres. Bostic will also speak at 5:45 PM just in case he forgot to remind us that the Fed policy will likely be delayed

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This article was written by Greg Michalowski at www.forexlive.com.