PRIMER - Today’s Fedspeak includes hawkish dissenters Hammack, Kashkari, Logan

Hammack, Kashkari, Logan all dissented at this week’s FOMC meeting, and voted to raise raise by 25bps; the three are expected to issue statements today on their dissent. There are no firm time confirmations on when any release will be made, but they have usually been issued ahead of the cash equity open. In April, the three voted against the retention of an easing bias in the policy statement; that bias has since been removed under Chair Warsh.

Fed’s Hammack (2026 voter, hawk): Speaking ahead of the July FOMC, Hammack said persistently high inflation was her primary concern, with the labour market near maximum employment and consumer spending holding up. She said that she is hearing broad-based concerns from businesses and consumers about price pressures from energy costs, supply chain disruptions, insurance premiums and the AI boom.

Fed’s Logan (2026 voter, hawk): Speaking ahead of the July FOMC, Logan flagged her potential dissent by calling for “modestly” higher rates, though she declined to specify whether she would actually vote for a hike at the meeting. She said that inflation is not heading sustainably back to the Fed’s 2% target despite a monthly decline in consumer prices.

Fed’s Kashkari (2026 voter, hawk): Speaking in late June (post the June FOMC), Kashkari said he revised his year-end rate projection from one cut to one hike, citing elevated inflation driven by Middle East conflict. He also expressed scepticism about Iran honouring any agreement, saying he does not see an all-clear from the Middle East.