Sideways Overall Despite Hawkish Fed Speakers

Although there was some mid-day volatility (early buying followed by slower selling back to roughly unchanged territory), that movement was more in line with month-end tradeflows than any interesting, specific motivations. Nonetheless, there were interesting, specific developments in the form of several comments from several Fed speakers.  Rather than display a balanced mix of differing viewpoints, today's crop of comments was distinctly hawkish across the board. Logan said she would have preferred to hold rates steady this week and can't see a case for a December cut.  Hammack said it's not clear what the right answer is for rates, but that it's important to stay restrictive. Bostic said he was glad Powell said a December cut is far from a foregone conclusion.  And Schmid said he dissented in this week's vote due to economic momentum and inflation concerns. While bonds didn't react to this today, the lopsided hawkishness makes for an interesting 6 weeks of data-watching ahead of the next Fed meeting and dot plot.