Fed

PRIMER - Today’s Fedspeak includes: Hammack, Barkin

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Beth Hammack signals a hawkish need for multiple rate hikes due to persistent inflation, while Thomas Barkin describes a neutral labor market in a low-hire/low-fire equilibrium despite soft payroll data.

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13:15BST/08:15EDT: Fed’s Hammack (2026 Voter, hawk) will participate in a moderated Q&A. Speaking earlier in the week, Hammack said “some number” of rate hikes may be needed to bring inflation back to the Fed’s 2% target, adding that a single 25bps move would be unlikely to have a meaningful impact. She added that rates are not meaningfully restricting the economy, and she does not expect inflation to return to target on its own. Hammack is one of three FOMC members who dissented in favour of a hike at last month’s meeting. 13:40BST/08:40EDT: Fed’s Barkin (2027 Voter, neutral) will speak on the outlook for monetary policy and the economy. Speaking last week, Barkin said July hiring data was consistent with recent trends, and said that the labour market was neither loose nor tight. He noted that employers are not hiring but are also not firing, with July payrolls declining and the unemployment rate little changed.

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