Asks about market reaction to John Williams commentary and shift in tone
Sam
Cooper Howard
Yields moved down on short end, December rate cut expectations increased to 60% due to Williams' influence
Cooper Howard
Team expects no December rate cut, Fed to continue cutting at slow methodical pace
Notes Williams' centrist position may model Powell/Cook/Jefferson thinking, questions if this changes hawkish Fed officials' stance
Sam
Cooper Howard
Some officials emphasize prices too high, others concerned about labor market softness
Cooper Howard
PPI next week important for inflation projection, weekly claims key real-time labor indicator