Fed's Logan Says The Quiet Part Out Loud

Buried on a Saturday morning, amid the hubbub of politicians and media scrambling to signal their virtue over the 3rd anniversary of 'January 6', Dallas Fed President Lorie Logan dropped a couple of tape-bombs that suggest Powell and his pals are 'worried' about more than just jobs and inflation.

Notably, prior to joining the Dallas Fed last year, Logan was heavily involved in the financial plumbing of the Fed’s policy mechanism as SOMA Manager at the NYFed, and so her views are going to carry a lot of weight on the FOMC - and the two subjects she discussed point to potential financial stability concerns.