PRIMER - Today’s Fedspeak includes: Williams, Jefferson, Barkin

15:05BST/10:05EDT: Fed’s Williams (voter) delivers a keynote at the Treasury conference. Speaking in early September, ahead of the September FOMC meeting, Williams said the bond market is being driven by a strong US economy and large AI investments rather than the inflation outlook, though there is some correlation between yields and the Middle East conflict. He said the Middle East conflict and tariffs remain the biggest drivers of inflation, with no second-round effects seen and inflation expectations well anchored. Williams supported the Fed’s July decision to hold rates, describing them as well placed to balance the dual mandate. 15:20BST/10:20EDT: Fed Vice Chair Jefferson (voter) speaks on Discount Window modernisation and Treasury market functioning. Speaking in July, before the FOMC’s July meeting, Jefferson said then-current policy should support the job market while allowing inflation to resume its decline toward 2%, though it could be appropriate to reconsider the stance if inflation does not start cooling soon. He said the Fed is closely monitoring the Middle East conflict and AI proliferation, expecting muted demand effects from the conflict given the US is a net oil exporter. 18:00BST/13:00EDT: Fed’s Barkin (2027 voter) speaks on the policy and economic outlook. Speaking in mid-August, Barkin said there will eventually be a reckoning of US debt, with investors set to stop buying if it continues rising, describing debt levels as an inflationary “wind” the Fed must navigate. He called the July rate decision a close call, and then said it remains an open question whether the Fed needs to raise rates to restore 2% inflation. Barkin said the labour market is not as strong as data suggest, and he worried about how long lower-end consumer spending can hold up.