This week is filled with Fed speakers and listening to their use of words would be vital in understanding the timing of the next rate hike from the US Federal Reserve. As of today, the market is pricing the next hike to be delivered at the June meeting and the last one for the year at the December meeting. On Monday, Two Fed speakers shared their views; Minneapolis Fed President Neel Kashkari and Chicago Fed President Charles Evans.

• Speaking at CNBC’s ‘Squawk Box’, the only dissenter to FOMC rate hike in March Neel Kashkari said that he dissented based on the inflation outlook. According to Mr. Kashkari, Inflation still has a lot of room to rise to the Fed’s target and it can even rise a little above 2 percent target without creating any worries of an overheated economy. He added, "For the last five or six years, the Federal Reserve keeps predicting inflation is around the corner. And those predictions end up being wrong." With regard to Fed’s employment mandate, Mr. Kashkari said that it is good that labor force participation rate is rising as more American join the Labor force. Hence he advocates a wait-and-see approach to allow the job market to continue to heel and to allow a further recovery in wages. He also feels that adjusting balance sheet should be the next move rather than hikes.

Our last dashboard focusing on March meeting was correct in predicting a rate hike and the dissent by Neel Kashkari. Now, our new dashboard will be focusing on the June meeting and it looks like below,

Doves: Neel Kashkari

Hawks:

Unknown: Janet Yellen, Charles Evans, Patrick Harker, Stanley Fischer, William Dudley, Lael Brainard, and Robert Kaplan

Pls. note that Daniel Tarrullo has resigned and the position is yet to be filled.