Brace yourselves for an economic ‘hurricane,’ Jamie Dimon says

tweet at 2:45pm: FED'S BULLARD: IT'S TOO EARLY TO SAY IF WE'VE SEEN A PEAK IN INFLATION; WILL NEED MORE THAN A FEW TENTHS TO MAKE A JUDGMENT. tweet at 2:46pm: FED'S BULLARD: SOMETIMES RELATIVELY STABLE LONGER-TERM INFLATION EXPECTATIONS ARE TAKEN AS A SIGN THAT THE FED DOESN'T HAVE TO DO AS MUCH; I DON'T TAKE THEM THAT WAY. tweet at 2:46pm: FED'S BULLARD: I WOULD PUT NEUTRAL AT ABOUT 2%, BUT WILL NEED TO GO ABOVE THAT TO BRING DOWN INFLATION.Bullard: Pace of 50 bps per meeting is a 'good plan' for now A good chunk of inflation is persistent and will require concerted action • I would put neutral at about 2% but will need to go above that to bring down inflation • Rise in 1-to-3 year inflation expectations is concerning • I don't take relatively stable long-term inflation expectations as a sign the Fed doesn't have to do much • It's too early to say if we've seen a peak in inflation, will need more than a few tenths to make a judgement

All twelve Federal Reserve Districts have reported continued economic growth since the prior Beige Book period, with a majority indicating slight or modest growth; four Districts indicated moderate growth. Four Districts explicitly noted that the pace of growth had slowed since the prior period. Contacts in most Districts reported ongoing growth in manufacturing. Retail contacts noted some softening as consumers faced higher prices, and residential real estate contacts observed weakness as buyers faced high prices and rising interest rates. Contacts tended to cite labor market difficulties as their greatest challenge, followed by supply chain disruptions. Rising interest rates, general inflation, the Russian invasion of Ukraine, and disruptions from COVID-19 cases (especially in the Northeast) round out the key concerns impacting household and business plans. Eight Districts reported that expectations of future growth among their contacts had diminished; contacts in three Districts specifically expressed concerns about a recession. tweet at 2:01pm: FED BEIGE BOOK: CONTACTS IN 2 DISTRICTS NOTED RAPID PRICE INCREASES CONTINUING; 3 OBSERVED IT HAD MODERATED SOMEWHAT #News #Forex tweet at 2:01pm: *FED BEIGE BOOK: JOBS ROSE MODESTLY, MODERATELY IN ALL DISTRICTS tweet at 2:04pm: Fed Beige Book Shows Economic Growth Slowing In Some Areas - Contacts Tended To Cite Labour Market Difficulties As Greatest Challenge, Followed By Supply Chain Disruptions tweet at 2:03pm: FED'S BEIGE BOOK: RISING INTEREST RATES, GENERAL INFLATION, THE RUSSIAN INVASION OF UKRAINE, AND DISRUPTIONS FROM COVID-19 CASES ROUND OUT THE KEY CONCERNS IMPACTING HOUSEHOLD AND BUSINESS PLANS.

tweet at 3:05pm: FED'S BARKIN: REDUCTION IN BALANCE SHEET DOES A LITTLE MORE ON TOP OF RATE HIKES TO TIGHTEN POLICY. tweet at 3:07pm: BARKIN: PERFECTLY COMFORTABLE WITH PATH OF RATE HIKES FOR NEXT COUPLE MEETINGS tweet at 3:07pm: FED'S BARKIN: THE STRONGER THE ECONOMY, INFLATION, THE BETTER THE CASE IS TO DO MORE ON RATES. tweet at 3:10pm: FED'S BARKIN: I AM STILL HEARING VERY STRONG CONSUMER DEMAND AT THE HIGH END I AM NOT SEEING ANYTHING IN DATA THAT MAKES ME CONCERNED ABOUT CONSUMER SPENDING