The Fed's Main Objective in the Second Half of the Year

The most likely outcome for Powell was seen as just one more 25 basis point hike this year in contrast to what we saw in the dot plot. There will need to be some type of rationale from Powell for hiking despite the lowest non-farm payroll print since December 2020. Dallas Fed President Logan said that while some people say a lot of further cooling is in store, she is skeptical about large additional effects from this channel.