Fed speak: the tone softens - ANZ

Analysts at ANZ explained that on Friday, Bullard and Mester rounded out a week of eight Fed speakers.

Key Quotes:

"Following a hawkish Dudley on Monday, the tone softened."

"Bullard remained in the dovish camp, suggesting that there are few reasons to raise rates again."

"However, he did allude to September as a possible start date for unwinding the balance sheet. Mester said that she still sees a gradual path of rate hikes and that the recent bout of weaker inflation outcomes has not altered her forecasts."