St. Louis Fed’s Musalem: Must Return to 2% Inflation in Timely Manner

Musalem's framing is notable for sequencing: price stability is presented as a precondition for full employment, not a competing goal, which pushes back on any read that the Fed would tolerate above-target inflation to protect jobs. For crypto and RWA markets, the signal matters less as new information than as reinforcement of the higher-for-longer backdrop that has kept risk appetite selective. The open question is whether this framing gains traction among other Fed officials or remains one policymaker's emphasis.