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Emergency Rate Cut In August?

Nah, they wait for September. Should have cut in July. Outside change of 50 bps in Septbember but it'll probably be 25bps. I have a feeling this is what the soft-landing looks like. Powell cares less about the markets than the labor / inflation data.
 
There have been warning signs for a while, but US markets have been oblivious.

What happens next?
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