The Pool

tweet at 1:39pm: U.S. Treasury’s Yellen: - Seeing Swings in Capital Flows and ‘Strong Movements’ in Capital Markets - Attentive to Spillovers of Macroeconomic Tightening From Advanced Economies to the Rest of the World tweet at 1:39pm: US TREASURY SECRETARY YELLEN: INFLATION IS HIGH IN MANY COUNTRIES, AND GLOBAL GROWTH IS SLOWING. tweet at 1:49pm: US Treasury’s Yellen: - Debt Problems Growing More Acute for Low-Income Countries - One Barrier to Progress on Debt Issues Is ‘Predator’ Country China

tweet at 3:14pm: Fed’s Bullard: - September Inflation Warrants More “Frontloading” Though Not Necessarily Higher Overall Rates - Appropriate That Rates Reach Range of 4.5%-4.75% by Year’s End, With Any Further Hikes in 2023 Being “Data Dependent” tweet at 3:15pm: Fed’s Bullard: - Current Inversion of Yield Curve a “Nominal Inversion” Involving Expected Inflation, Not Indicator of Recession Risk - “Would Not Predict” That Policy Rates Need to Hit 5%; if That Becomes Necessary It Is Because Inflation Is Not Slowing As Hoped tweet at 3:19pm: Fed's Bullard - There is potential for a soft landing given the strength of the labor market and companies reluctance to lay off people -Markets are not overly stressed, but are transitioning to higher interest rates

tweet at 3:33pm: ECB'S NAGEL: IT IS CRITICAL TO TIGHTEN MONETARY POLICY. tweet at 3:34pm: ECB’s Nagel: - We Are in a Very Difficult Situation - Important to Tighten Monetary Policy - Not Thinking About the Neutral Rate - ECB Balance Sheet Is Too Large, Needs to Shrink - ECB Balance Sheet Shrinkage Should Start Next Year