Logan is backing up Schmid.
The KC Fed President Schmid loses his vote next year but he's replaced by Logan, who is equally hawkish. She says she have voted to leave rates unchanged this week and would prefer to leave them unchanged in December.
The market is still pricing in a 68% chance of a December rate cut but it's going to be a fight.
More from Logan:
- Labor market risks are to the downside but the labor market is roughly balanced and cooling slowly
- Fed could address labor quickly if needed
- Inflation too highly and likely to exceed 2% 'for too much longer'
- Alternative data provides visibility
- Breakeven payroll growth has likely fallen to 30k per month
