Fed's Kashkari: Services Side Of Economy Is Still Hot; On Inflation, Not Much Evidence That Rate Hikes So Far Have Had Much Effect on Labor Market

Added at 1:03pm

Fed's Kashkari:
- Wage Growth Now is Too High to Support 2% Inflation
- Big Surprise W/ Job Report so High
- We Don't Want to Cause a Recession, but We Know We Have a Job to Do on Inflation
— *seven (@sevenloI) February 8, 2023

Added at 1:05pm

KASHKARI: FINANCIAL MARKETS HAVE MORE CONFIDENCE THAN WE HAVE THAT INFLATION WILL FALL QUICKLY
— *Walter Bloomberg (@DeItaone) February 8, 2023

Added at 1:09pm

FED'S KASHKARI: MOST OF MY COLLEAGUES EXPECT RATES TO GO ABOVE 5%, 'CERTAINLY POSSIBLE' IT WILL GO HIGHER

FED'S KASHKARI: WE WILL THEN HOLD RATES FOR A 'LONG TIME' AND THEN DECIDE IF RATES WILL GO HIGHER, OR DOWN
— Breaking Market News (@breakingmkts) February 8, 2023

manipulation at is best; not surprised, given the nature of the beast.

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Summary of Governing Council deliberations: Fixed announcement date of January 25, 2023
From bankofcanada.ca|Feb 8, 2023
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on January 25, 2023. This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process. This stage takes place after members have received all staff briefings and recommendations. Governing Council’s policy decision-making meetings began on Wednesday, January 18. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers, Deputy Governor Paul Beaudry, Deputy Governor Toni Gravelle and Deputy Governor Sharon Kozicki. tweet at 1:31pm: BOC SUMMARY: GIVEN THAT INFLATION WAS WELL ABOVE TARGET, THE COUNCIL FELT IT WAS CRITICAL TO BE CLEAR ABOUT THE TERMS OF ANY PAUSE. tweet at 1:34pm: BOC SUMMARY: ANOTHER REASON FOR RAISING RATES WAS THE RISK OF INFLATION REMAINING ABOVE 2% LATER IN THE PROJECTION HORIZON.

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