Comments from Cook:

• Sees growth slowing, inflation progress to stall on tariffs
• Sees more emphasis on upside inflation risks
• Appropriate to maintain current policy for now while watching data
• Now is time for Fed to be patient but attentive
• Fed policy is well positioned to respond to changes in the economy
• Inflation data already showing impact of tariffs
• Is watching for evidence tariffs driving persistent increase in price pressures
• Uncertainty heightened by economic outlook, government policy shifts
• Is watching for evidence for trouble on longer-term inflation expectations
• Reduced uncertainty, easing inflation would facilitate rate cuts
• Economy has entered a period of uncertainty

There is a hawkish bent to these comments. I fear the same from Powell, who speaks at 11:25 pm ET on Friday.

This article was written by Adam Button at www.forexlive.com.