FOMC Speech Tracker: Do hawkish remarks still carry weight after banking crisis?

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The Federal Reserve decision on Wednesday is a unique one, as FOMC members face sticky inflation levels well above the target on their mandate, but they probably can’t be as aggressive (or hawkish) as they would like to be after the collapse of Silicon Valley Bank triggered an international banking crisis. Higher interest rates mean tighter credit conditions, and bank balances might suffer as a result.


Gold price reaction to the meeting will depend on whether the FOMC leans more toward respecting their mandate and attacking inflation with higher interest rates in the current and future Fed meetings, or if they show cautiousness to prevent more issues in the financial system.


We have plugged together all the speeches from Federal Reserve board members, whether they have voting attributions in 2023 or not, since their last meeting on February 1 to review the bias the FOMC board might have when they meet and decide on interest rates and the dot plot. The question is whether their opinions have changed and if hawks have become doves after the SVB bank crisis surfaced, so this tracker might have to be taken with a grain of salt this time around.

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