Fed's Collins: We are near or perhaps at a sufficiently restrictive level of rates

<p>Nick Timiraos is out with a new <a href="https://www.wsj.com/articles/consumer-price-index-report-july-inflation-a4a0a670?mod=hp_lead_pos1" target="_blank" rel="nofollow">article </a>in the Wall Street Journal and he cites an interview with the Fed's Collins from Monday and her saying:</p><blockquote>“My read of the data that we have so far is that we are near or perhaps
at a sufficiently restrictive level of monetary policy to hold for some
time."</blockquote><p>I think this was an unpublished interview with the Wall Street Journal because I didn't see those comments Monday and can't find a record of them. They echo what Harker <a href="https://www.forexlive.com/centralbank/feds-harker-i-believe-we-may-be-at-the-point-where-we-can-hold-rates-steady-20230808/" target="_blank" rel="follow">said </a>on Tuesday.</p><p>This looks like a concerted push from the doves but she wasn't joined by Daly today, who is usually a dove so I don't know if any of this is a preview of what's coming from Powell. Or maybe the 'near' part of the comment is important as it implies perhaps one more hike, likely in November.</p><p>Timiraos also quotes former Fed governor Laurence Meyer, who offers some effusive praise of the latest data:</p><blockquote>“My God, that’s incredible… there’s absolutely no question that core inflation has turned the corner faster” than the Fed anticipated.</blockquote><p>In any case, the bond market isn't cheering today as yields move up 5-6 bps following a weak 30-year bond sale.</p>

This article was written by Adam Button at www.forexlive.com.