We saw MNI sources report that Fed officials were coming under pressure to define their tolerance for higher inflation much sooner than expected. While this is hawkish at first glance, we think that the core Fed message remains very dovish. This was enforced by Fed Chair Powell yesterday, and so these sources likely reflect the more regional Fed members. As stated before, we prefer to listen to the Fed heavyweights for the clearest indications of the FOMC future monetary policy – primarily Powell, flanked by Clarida and Brainard.