Increasing talk that the Fed should ease. There are some signs of softening demand, yes, but monpol is not a preemptive guessing game. Cross currents in the economy right now are enormous. Demographics are keeping labor tight with declining but positive job growth. Wages have softened but are still 4% y/y. They must react to the data they actually see, not what models anticipate, especially now. It is a choice they've actively made to wait for an asymmetric change in the economy to act, but arguably their only prudent one.