US Economic Notes: What you need to know for the week ahead

Research evidence excerpt

US Economic Notes: What you need to know for the week ahead

24 May 2026

US Economic Notes

increased volatility around holidays, so we would caution against over-reacting to

any big swings given the Memorial Day holiday.

We will also be closely focused on the week’s Fed communications, particularly

given the aforementioned speech by Waller as well as the more hawkish

undertones emerging from the minutes to the April FOMC meeting. Kicking off

the week, Minneapolis’s Kashkari (Tuesday) and Dallas’s Logan (Wednesday)—

both of whom had dissented against the easing bias in the April statement—are

likely to repeat their view that the stance of monetary policy should be more

balanced, particularly as inflation risks remain front of mind.

Vice Chair Jefferson and Chicago’s Goolsbee (non-voter) will be on a Wednesday

panel about monetary policy and supply shocks. While Goolsbee’s hawkish lean

has been well articulated over the past couple weeks, Jefferson’s comments may

help to give a more concrete sense of how the center of the Committee is viewing

the recent data. For similar reasons, we will look for any headlines out of

Thursday’s speech by New York’s Williams at the Reykjavik Economic

Conference. St. Louis’s Musalem (non-voter) will speak at the same Reykjavik

venue on Thursday, as will Kansas City’s Schmid (non-voter) and Governor

Bowman on Friday. While Musalem and Schmid will likely reiterate their hawkish

concerns about inflation, Bowman’s speech will perhaps show how more dovish

policymakers are adjusting their views.

Rounding out the Fedspeak docket, Richmond’s Barkin (non-voter) will have a

moderated discussion on Thursday, while San Francisco’s Daly (non-voter) and

Philadelphia’s Paulson (voter) speak on Friday, all of which have the potential for