• There is a little bit more concern that labor demand will continue to slow
• Services inflation has not been declining at a steady clip

Her comments highlight why the Dec 10 Fed decision is such a tough one to handicap. What I find more interesting at the moment is that January now also isn’t priced in, at 91%. That would be a real shock.

It also argues that maybe we’re too worried about December and that if we look at Dec/Jan together, we’re going to get one cut with the timing less certain. By June, two cuts are priced in (and a tad more).