PRIMER - Today’s Fedspeak includes: Waller, Kashkari, Musalem

09:30BST/04:30EDT: Fed’s Waller (voter) speaks on the economic outlook. Waller gave remarks last week, but avoided comments on monpol. Speaking in early September before the FOMC meeting, Waller said he was leaning towards keeping rates steady if August inflation data shows continued progress, though he would consider a hike if inflation comes in hot; ultimately, he sided with the consensus in endorsing a hike to 3.75-4.00%. He described the previous FFR target of 3.50-3.75% as only slightly restricting demand, adding it may not take much inflation acceleration to prompt him toward tighter policy. Waller said elevated energy prices and tariffs are no longer a significant source of ongoing inflation pressure, though he sees some upside risks from AI-related technology costs. 15:40BST/10:40EDT: Fed’s Kashkari (2026 voter) moderates a panel at a Minneapolis Fed event. Speaking last week, Kashkari said he has no strong view on an October hike, has pencilled in one more rate rise this year and another in 2027, adding that the Fed may have to hike more than expected depending on the economy. He said the economy remains surprisingly resilient, with strong consumer spending and a broadly healthy labour market, though housing is weak. 18:40BST/13:40EDT: Fed’s Musalem (2028 voter) speaks on the economic outlook. Speaking in late September, Musalem described the economy as very strong, with the AI capex boom fuelling demand pressure, which is driving about half of current inflation, adding that policy remains somewhat accommodative after the last hike and long-run inflation expectations are consistent with 2%. He also said that central bankers need not make promises but should explain how and why policy decisions are made.