The current data combination is "neutral dovish". Although the CPI has rebounded year-on-year, the "core inflation being controlled + decline in real income" supports expectations for further alleviation of inflation. # The current data is not strong enough to delay interest rate cuts, nor weak enough to force the Fed to act immediately. If employment data loosens in the next 1-2 months and the CPI continues to be within expectations, the path for interest rate cuts will be confirmed.👀👀