Fed's Logan (2026 voter, Hawk) says uncertainty in the economy continues, one of the biggest uncertainties is from the tech sector

Economy/Policy

• Supported January decision to hold amid a stabilising job market.


• Is not fully convinced they are on a path to 2% inflation.


• SCOTUS decision has led to more uncertainty.


• Upside inflation risks remain.


• Policy is well positioned to deal with risks to the mandate.


• Is worried about economic demand outstripping supply.


• Around 30k per month is the job market breakeven rate, at this point.


• Does not want to speculate about future policy decisions. 


• Thinks policy is well positioned.


• It is important to look at the issue of interest rate Fed targets for policy. 

Liquidity/Reserves

• Important for banks to make sure they're ready to access liquidity.


• Would like a central clearing for Fed Repo operations.


• It is challenging to define what ample reserves means.


• Demand for reserves will change over time.


• Very possible system could change to lower demand for reserves


• Payment tech innovations, regulations could change demand for liquidity.


• Does not have strong views about direction of liquidity regulations.


• Should look at regulations to see if liquidity is too tied down.


• Dollar swap lines have been very powerful in times of stress.

20 Feb 2026 - 17:50- Fixed IncomeImportant- Source: Market Source