Fed governor Lisa Cook's "a bit more time" suggests she's willing to hold rates steady in July but the later "prepared to act" comment sounds like what someone would say if they were open to a September hike if inflation is firmer this summer: "Turning to monetary policy, I voted with the rest of the FOMC last month to keep rates steady. I supported this stance, because the two main factors that have pushed up inflation over the past year—tariffs and the conflict in the Middle East—should, in theory, result in only short-lived increases in inflation. At this juncture, I see it as prudent to give a bit more time to observe how inflation unfolds from here. Going forward, though, I believe the risks continue to be strongly weighted toward higher inflation for at least two reasons." The punchline: "If we do not see signs of disinflation soon, I am prepared to act."(Nick Timiraos)