Powell spoke yesterday and admitted that the Fed’s policy is currently restrictive. It’s like saying, “I know I’m being tough right now, but I’ll ease up later.”

Unemployment rate ticked up, Quite rate is lower, which means less job movers and the ones that have a job as staying put. Wage increases slower as well.

The Fed’s Summary of Economic Projections (SEP) indicates that members are considering one or two rate cuts this year. They are extremely data-driven in their decisions. While the economy remains strong, there is growing unease among the public.

The Producer Price Index (PPI) report fell 0.2%, lower than the 0.1% rise. PPI measures wholesale or producer inflation.

Initial jobless claims up for the first time in 10 months. The job market is tightening up.

The result of all this is lower interest rates. Lets see if the trend can continue through the summer.