+50 bps or more. That is how much Dallas Fed President Lorie Logan says the funds rate still needs to rise. At minimum, that would undo the rest of last fall’s cuts. • Current rate: 3.75% to 4.00% • Her floor: 4.25% to 4.50% (and she said "or more") • Target inflation: 2.0% • Reality: August PCE was 3.4% headline, 3.0% core. She says it is trending toward the mid-2s, not 2%, without further hikes. Last fall the Fed cut 75 bps. September took back 25. Another 50 only gets back to pre-cut levels, and Logan says that is the bare minimum. The last time the Fed was hiking through 4.50% was December 2022. Nearly four years later, they are being told to climb right back through the same zone.