The Fed is late: Based on recent data, President Trump's calls for rate cuts beginning ~5 months ago were correct. And, it's even more evident that this is the case after over -300,000 jobs were revised out of 4 months of data. However, it's also clear that the Fed was correctly basing their decisions in early-2025 on the wrong data. Inflation was not at 2% and the labor market appeared "strong," but it clearly wasn't. Something is seriously wrong with the data.(The Kobeissi Letter)