Asks about the mood among companies and consumers given pessimistic survey data.
Michael McKee
Raphael Bostic
Describes sentiment as 'cautious optimism' with emphasis on cautious. Businesses and households have shown resilience, adapting to uncertainty like tariffs, and are not expecting worst outcomes.
Raphael Bostic
Expects economic trends from late 2025 to continue through 2026. Sees potential upside as businesses adjust to tariffs and stimulative tax measures take effect, provided consumers feel more certainty.
Asks if recent weak employment data (ADP, Challenger) gives pause about the Fed pausing.
Michael McKee
Raphael Bostic
No pause. Inflation has been too high for too long, plateauing well above target for nearly two years, which is unacceptable. Cannot lose sight of inflationary concerns.
Asks what he's learned about the economy and inflation over his career.
Michael McKee
Raphael Bostic
Once inflation gets entrenched, it changes how the economy evolves. Need to keep policy restrictive to get inflation back to 2%. High/rising prices put many families on the edge, contributing to low consumer confidence in a K-shaped economy.
Asks about Treasury Secretary's comment that the Fed has lost public confidence.
Michael McKee
Raphael Bostic
In his district, people express gratitude, acknowledge the Fed's hard job, and want it to be data-dependent. Believes most people understand the complexity.
Asks if the Fed was 'too woke' and if the inclusive employment focus was a mistake.
Michael McKee
Raphael Bostic
No. The economy needs to work for everyone. Focusing on every American's experience is the Fed's job, but that doesn't mean it unduly influences policy decisions.
Asks about Kevin Warsh's call for 'regime change' at the Fed.
Michael McKee
Raphael Bostic
Has no idea what that means. Emphasizes need for data dependence and engaging with business leaders for forward-looking perspective.
Asks about Warsh's criticism of 'mission creep'.
Michael McKee
Raphael Bostic
Doesn't see mission creep. The Fed's role includes ensuring bank stability by having prudent conversations about risks.
Asks about Warsh's desire to shelve QE, shrink the balance sheet, and return to a scarce reserves regime.
Michael McKee
Raphael Bostic
Thinks it's doable but notes the scarce reserves regime historically had tensions and volatility. Liquidity is important to prevent market participants from worrying about execution over decision quality.
Asks about Jay Powell and his meaning to the Fed.
Michael McKee
Raphael Bostic
Powell has been great, open, transparent, and led through significant periods. His legacy will be positive.
Asks if he agrees with sentiments in Powell's recent video addressing legal action.
Michael McKee
Raphael Bostic
The Fed must stay true to its charge of stable prices and maximum employment to ensure long-term stability, regardless of external views.
Asks about Fed ethics rules problems - was it the rules or individuals?
Michael McKee
Raphael Bostic
Rules need to be clear and draw a bright line. He personally thought he was compliant but wasn't on reporting, so he changed his rules.
Asks what he would tell Donald Trump about Jay Powell and the Fed.
Michael McKee
Raphael Bostic
Powell is trying his best, is smart, understands markets, and should be allowed to succeed.
Asks if the Fed is under threat from the current administration.
Michael McKee
Raphael Bostic
Throughout Fed history, people have thought it should do other things. This is another such time; the Fed must be solid, resolute, and stay focused on its mandate.