Fed's Logan
- May CPI data was welcome news
- Great to see CPI data but will need to see several more months to have confidence inflation heading to 2%
- Will be watching data in coming months quite closely
- In a good position to be patient on policy
- Will be watching and seeing what's happening in the economy
If you take this at face value, it's tough to envision a cut in September, though the market is still pricing it at 60%. The sense is that 'several' could fall by the wayside quickly if employment and equity markets start to falter.
