Xiao Hei's Two Points 1. From a macro perspective, the current data doesn’t support directly cutting 50 bp for now. Plus, if the market has already 'predicted' it, wouldn’t that make it hard for the Fed to act? 2. From a human nature perspective, if Powell cuts rates, wouldn’t that fall right into Trump’s trap? And he’s human after all. More and more evidence and trends might suggest that a rate cut in September isn’t a sure thing yet.