Americas

Federal Reserve

Sounds hawkish lately +0.04 Live feed

Speeches: 2,493
First speech: Dec 19, 1996
Latest speech: Oct 15, 2026
Tone vs coming rate moves: +0.22; rank correlation

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
Oct 15, 2026	Bowman, Supervisory Modernization After Silicon Valley Bank Live feed	−0.01
Oct 8, 2026	Waller, The Signaling Value of the Summary of Economic Projections Live feed	+0.13
Oct 6, 2026	Bowman, Modernizing the Regulatory and Supervisory Landscape Live feed	+0.05
Oct 1, 2026	Jefferson, The U.S. Economy and Monetary Policy Live feed	+0.34
Oct 1, 2026	Bowman, Modernizing Financial Regulation: Initial Observations from eSLR Live feed	+0.03
Oct 1, 2026	Waller, The Data Version of Godzilla versus Kong: FRED Takes on AI Live feed	+0.09
Sep 30, 2026	Cook, The Dual Mandate in Rural America Live feed	+0.14
Sep 29, 2026	Bowman, Opening Remarks Live feed	−0.04
Sep 29, 2026	Barr, Economic Conditions and Monetary Policy Live feed	+0.19
Sep 29, 2026	Waller, Payments in the Age of AI Agents Live feed	−0.02
Sep 28, 2026	Cook, An Update on AI and the Economy Live feed	+0.13
Sep 23, 2026	Barr, A Long-Term View on the Costs of Shelter Live feed	+0.14
Sep 22, 2026	Jefferson, Discount Window Modernization and Treasury Market Functioning Live feed	−0.29
Sep 18, 2026	Bowman, The Final Chapter on Modernizing Bank Regulatory Stress Testing Live feed	−0.31
Sep 18, 2026	Bowman, Initial Findings from Independent Review of Silicon Valley Bank Live feed	−0.18
Jun 22, 2026	Christopher J Waller: Welcoming remarks on the international role of the US dollar Christopher J Waller	−0.02
Jun 6, 2026	Michael S Barr: Deregulating in a financial boom - what could go wrong? Michael S Barr	−0.17
Jun 4, 2026	Michelle W Bowman: Supervision and regulation Michelle W Bowman	+0.12
May 29, 2026	Michelle W Bowman: A framework for practical monetary policy decision making Michelle W Bowman	+0.01
May 28, 2026	John C Williams: Productivity growth and the challenge of real-time policymaking John C Williams	−0.01
May 27, 2026	Lisa D Cook: The opportunities and risks AI presents for the economy and financial system Lisa D Cook	+0.22
May 27, 2026	Philip N Jefferson: Global economic developments and the US economy Philip N Jefferson	+0.23
May 22, 2026	Christopher J Waller: Policy risks have changed Christopher J Waller	+0.24
May 20, 2026	Michael S Barr: Measuring financial health Michael S Barr	−0.01
May 14, 2026	Michelle W Bowman: Opening remarks - Federal Reserve Bank of Kansas City 2026 Future of Banking Conference Michelle W Bowman	+0.12
May 14, 2026	Michael S Barr: Efficient and effective central banking - beyond the balance sheet Michael S Barr	−0.11
May 8, 2026	Lisa D Cook: Perspectives on tokenization and implications for the financial system Lisa D Cook	−0.02
May 8, 2026	Christopher J Waller: Update on Federal Reserve Bank operations Christopher J Waller	+0.16
May 8, 2026	Michelle W Bowman: When regulation reshapes markets - the migration of corporate lending Michelle W Bowman	+0.02
May 5, 2026	Michelle W Bowman: A coordinated approach to consumer fraud protection Michelle W Bowman	–
May 4, 2026	John C Williams: There is no try John C Williams	+0.21
May 1, 2026	Michelle W Bowman: Artificial intelligence in the financial system Michelle W Bowman	−0.02
Apr 21, 2026	Christopher J Waller: Modernising Federal Reserve operations in the 21st century Christopher J Waller	−0.13
Apr 17, 2026	Christopher J Waller: One transitory shock after another Christopher J Waller	+0.13
Apr 16, 2026	John C Williams: The cosmos John C Williams	+0.12
Apr 14, 2026	Michael S Barr: Rural communities - worth the investment Michael S Barr	+0.15
Apr 7, 2026	Philip N Jefferson: Economic outlook and the labor market Philip N Jefferson	+0.06
Mar 31, 2026	Michelle W Bowman: Supporting small businesses Michelle W Bowman	+0.14
Mar 31, 2026	Michael S Barr: Brief remarks on stablecoins Michael S Barr	−0.33
Mar 30, 2026	John C Williams: Ferrying through the crosscurrents John C Williams	+0.15
Mar 26, 2026	Michael S Barr: Brief remarks on the economic outlook and monetary policy Michael S Barr	+0.03
Mar 26, 2026	Philip N Jefferson: Economic outlook and energy effects Philip N Jefferson	+0.12
Mar 26, 2026	Stephen I Miran: Prospects for shrinking the Federal Reserve Bank's balance sheet Stephen I Miran	−0.14
Mar 26, 2026	Lisa D Cook: Reflections on financial stability Lisa D Cook	−0.24
Mar 24, 2026	Michael S Barr: Developing communities through public-private partnerships Michael S Barr	+0.09
Mar 12, 2026	Michelle W Bowman: Capital rules for the real economy Michelle W Bowman	+0.10
Mar 3, 2026	Michelle W Bowman: Liquidity resiliency, financial stability, and the role of the Federal Reserve Michelle W Bowman	+0.03
Mar 3, 2026	John C Williams: Two sides of a coin John C Williams	+0.14
Feb 24, 2026	Christopher J Waller: Operationalizing AI at the Federal Reserve Christopher J Waller	+0.26
Feb 24, 2026	Lisa D Cook: Opening remarks for the "AI and productivity across the economy" panel Lisa D Cook	−0.03
Feb 23, 2026	Christopher J Waller: Labor market data - signal or noise? Christopher J Waller	+0.08
Feb 19, 2026	Michelle W Bowman: Opening remarks - "The next horizon in banking" Michelle W Bowman	+0.39
Feb 17, 2026	Michael S Barr: What will artificial intelligence mean for the labor market and the economy? Michael S Barr	−0.02
Feb 16, 2026	Michelle W Bowman: Revitalizing bank mortgage lending, one step with Basel Michelle W Bowman	−0.05
Dec 15, 2025	John C Williams: Resilience John C Williams	+0.05
Dec 15, 2025	Stephen I Miran: The inflation outlook Stephen I Miran	+0.08
Nov 21, 2025	Philip N Jefferson: AI, the economy, and financial stability Philip N Jefferson	+0.08
Nov 18, 2025	Michael S Barr: The case for strong, effective banking supervision Michael S Barr	−0.15
Nov 17, 2025	Philip N Jefferson: Economic outlook and monetary policy Philip N Jefferson	−0.04
Nov 17, 2025	Christopher J Waller: The case for continuing rate cuts Christopher J Waller	−0.13

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.