Governor Cook at the Exchequer Club: The Seesaw Has Tilted
Governor Lisa Cook told the Exchequer Club in Washington on July 15 that the Federal Reserve's inflation and employment risks are no longer in balance, and that she is willing to tighten policy further if the data do not improve. That is a meaningful step beyond the patient "data-dependent" posture she has maintained throughout 2026, and it arrives with the July 28-29 FOMC meeting just two weeks away. Key Takeaways Cook explicitly stated that "inflation risks now outweigh employment risks," shifting her public framing in a hawkish direction relative to her prior patient stance. She said she is "prepared to act" if disinflation does not materialize soon, the clearest signal she has given this…
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