Fed’s Logan: Payroll gains have been pretty weak

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Lorie Logan, President of the Federal Reserve (Fed) Bank of Dallas, said that the Fed should not let balance sheets distract them from the main mission, she also claimed that the balance sheet growth isn’t bad if it meets the publics need at a speech in her bank on Thursday.

Key takeaways:

Fed should not let balance sheet issues distract from mission.

Fed balance sheet growth isn't bad if that meets public's needs.

US central bank's balance sheet policy should be driven by what's best for economy.

It costs the Fed little to meet bank reserve demand.

Reducing reserve demand better than returning to scarce reserves system.

Smaller balance sheet could be from lower reserve demand, or scarce reserves system.

Possible regulatory changes could reduce reserves demand.

Current ample reserves system 'efficient and effective'.

Many options with complex interactions for lowering size of Fed balance sheet.

Pushing banks to economize reserves would increase financial system risk.

Broaden access to Fed liquidity tools could also lower reserves demand.

Some options to reduce reserve demand must come from other than Fed.

Supported Fed holding steady at recent FOMC meeting.

The labor market stabilized in second half of 2025 into this year.

Payroll gains have been pretty weak, feels 'uncomfortable'.

Immigration has changed job market breakeven to close to zero.

Wasn't convinced inflation was easing enough even before war started.

Business investment strong, consumers have been resilient.

Iran war has increased level of uncertainty, has increased risk on both sides of Fed mandate.

Was quite challenging to do most recent round of Fed forecasts.

Swift war resolution may mean economic impact might be pretty moderate.

Policy is positioned to respond to data, Fed prepared to make adjustments as needed.

US has some buffers to impacts from the war.

Key question is if war disruptions induce investment in US energy production.

Energy producers appear to need extend higher prices to boost production.

I am not hearing we will see 'dramatic' US energy production increase so far."

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.33%	0.46%	0.30%	0.32%	0.23%	0.42%	0.48%
EUR	-0.33%		0.14%	-0.04%	-0.04%	-0.09%	0.10%	0.13%
GBP	-0.46%	-0.14%		-0.17%	-0.15%	-0.23%	-0.03%	-0.00%
JPY	-0.30%	0.04%	0.17%		0.01%	-0.08%	0.11%	0.16%
CAD	-0.32%	0.04%	0.15%	-0.01%		-0.09%	0.10%	0.14%
AUD	-0.23%	0.09%	0.23%	0.08%	0.09%		0.19%	0.20%
NZD	-0.42%	-0.10%	0.03%	-0.11%	-0.10%	-0.19%		0.03%
CHF	-0.48%	-0.13%	0.00%	-0.16%	-0.14%	-0.20%	-0.03%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

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