Fed's Logan (2026 voter, hawk) even if oil prices stay high, constraints like gas takeaway capacity may keep producers from increasing output

Increase in exports of oil has mostly come from inventories, not new production. Even with most conservative estimating, electricity prices from data centre demand likely to be another source of modest inflationary pressures. Very optimistic on long-term productivity gains from AI. Right now, investment demand for AI is big, real and has near term inflationary effects. Has concerns about the labour force in Texas, given immigration restrictions. Fed meetings and the structure and the data-driven focus has not changed a bit. Wages at the moment are not providing inflationary pressures, is worried about the risk though. Goal should be efficient and effective balance sheet, not necessarily a goal on its size.