Cook comments:
- Tariffs still driving up price pressures
- Slowing payroll growth tied to labor supply changes
- Inflation should move to 2% target once tariff impacts pass through
- Tariff pass-through is still playing out
- Underlying inflation moving to 2%, expectations are contained
- Remains fully committed to getting inflation back to 2%
- Every meeting is 'live', not on preset path
- Fed cut was appropriate given risks to jobs
- Risks to both sides of the mandate are appropriate
- Government shutdown weighs on economy but growth should return
- AI productivity gains will help power expansion
These aren't particularly hawkish but she doesn't give up much. The market continues to price a 68% chance of a cut in December.
