Bostic: Every meeting is live

HAMMACK SAYS WE NEED TO STAY RESTRICTIVE Fed's Hammack: We are missing on the inflation side more than on the labor market side, we need to stay restrictive. HAMMACK SAYS MARKET TENDS TO OVER-FOCUS ON MEDIAN FED RATE-PATH 'DOT' HAMMACK SAYS THE DOT PLOT GIVES YOU A SENSE OF RANGE OF VIEWPOINTS Fed's Hammack: We are not on a preset course.

*HAMMACK: I THINK WE'RE RIGHT AROUND MY ESTIMATE OF NEUTRAL *HAMMACK: FED'S POLICY IS BARELY RESTRICTIVE, IF AT ALL HAMMACK SAYS TARIFFS JUST ONE PIECE OF INFLATION PUZZLE; ALSO ELECTRICITY, INSURANCE Fed's Hammack: I would've preferred to hold rates steady this week. Fed's Hammack: There's little to no progress on core services ex-housing, which, plus the tariffs, creates a more concerning picture.

FED'S BOSTIC SAYS EVENTUALLY GOT BEHIND THE CUT THIS WEEK FED'S BOSTIC SAYS SUPPORTED CUT BECAUSE STILL FEEL WE ARE IN RESTRICTIVE TERRITORY FED'S BOSTIC SAYS NEED TO GET INFLATION TO 2% FED'S BOSTIC SAYS MANDATES ARE IN TENSION FED'S BOSTIC: REALLY LIKE POWELL'S FOG ANALOGY, PREFERABLE TO GO SLOWER WHEN UNCERTAIN