Fed's Logan: We need to be very cautious about rate cuts

• Inflation is running above target and trending higher
• Rate cut was insurance against more rapid, non-linear decline in labor market
• Demand remains pretty resilient
• See risks on both side of the Fed's mandate
• Payroll gains have declined markedly
• Labor market looks fairly balanced, only gradually slowing
• We need to be very cautious about rate cuts
• Must not ease too much, only to have to reverse course

This is a real pushback against the 100 bps in easing that's priced into the curve.