FED'S BARKIN SAYS IT WOULD BE AN ADVANTAGE IF EACH FED POLICY MEETING WERE SET TO INCLUDE TWO FULL MONTHS OF ECONOMIC DATA

Richmond Fed President Thomas Barkin has said it would be advantageous for each Federal Open Market Committee meeting to be scheduled so that policymakers have two full months of economic data available. The comment points to a process concern rather than a change in the policy stance, since the timing of data releases relative to meetings shapes how much new information officials can weigh before deciding on rates. Under the current calendar, the most recent month of inflation and labor data is often incomplete or only partially incorporated, which raises the risk that policy reacts to noisy readings and feeds volatility into front-end Treasury yields and fed funds futures. Traders in short-dated rate contracts and the two-year Treasury are most sensitive to this kind of signal, because any perceived shift in how the Committee assesses data flow can reprice expected policy paths. The next catalyst to watch is the monthly Consumer Price Index release and the subsequent FOMC meeting, to see whether the data cadence discussed by Barkin is reflected in how officials characterize recent readings.

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