Analysis
Logan's view arrives as markets have lowered the implied odds of an October increase and Treasury yields reversed their climb. She also noted that higher long-term yields can reflect term premiums that slow the economy, potentially reducing the amount of additional policy tightening needed. Her estimate is one policymaker's view, not a new FOMC decision.
What remains uncertain
The appropriate policy path depends on incoming data. Logan said higher term premiums may themselves slow activity, and her estimate does not bind the FOMC.