New York Fed President John Williams said he expects inflation to remain “well above” 3% in the near term. Though exactly how “well above” is up for interpretation. Could it mean something modestly above March’s 3.3% CPI reading? Or are we talking 4% or 5%?
Williams also flagged cyber risk as his biggest systemic concern. Last week, Treasury Secretary Scott Bessent and Fed Chair Jerome Powell reportedly held a meeting with major bank CEOs to warn them about the cybersecurity risks tied to Anthropic’s Mythos model. Whether it’s a real risk or not, it’s great marketing for Anthropic.
Fed Governor Stephen Miran has also started to sound less dovish. Miran, who was appointed to the Fed basically to help fulfil Trumps agenda of lower interest rates, said he may scale back his rate cut outlook because inflation developments have become less favourable. Reuters reported that he had already moved from expecting four cuts this year to three, due to the supply shocks caused by the closure of the Strait of Hormuz.
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