SF Fed's Mary Daly started the ball rolling today at around 1230ET, noting that "getting inflation down to 2% won't be complete this year," with a 5% terminal rate, strongly hinting at The Fed's constant narrative of no-rate-cuts this year (despite the market's anticipation of it accelerating dovishly)...
Bostic also piled on, saying that he favors hiking rates to 5-5.25% then on hold through 2024.
"We are just going to have to hold our resolve," Bostic told the Atlanta Rotary Club.
Asked by the moderator how long he saw rates above 5%, Bostic said:
"Three words: a long time... I am not a pivot guy. I think we should pause and hold there, and let the policy work," he said.
The market continues to ignore the jawboning.