Fed Chair Jerome Powell spoke on 60 minutes Sunday and basically took the air out of the room. There is a phrase in the industry called Analysis Paralysis.

The Feds are so afraid to make a decision, they end up deciding by not deciding.

Let’s put this into context. The 6-month annualized rate of core PCE inflation is at 1.85% and the 8-month annualized rate is at 2.08%. Remember the target is 2.00% annual inflation.

Oil prices, rents-shelter costs and other components of the PCE report continue to drop. The Jobs market is also not quite what it seems. Employees are staying put as it’s harder to find a job once they quit.