Current situation: 1. Jobs data revised lower by -911,000 jobs, largest in history 2. June marked first month with US job losses since 2021 3. PPI inflation unexpectedly fell -0.1%, 2nd decline in 17 months 4. US unemployment rate rose to 4.3%, highest since July 2024 5. Awaiting August CPI and PCE inflation (which last jumped in July) Is the Fed late?(The Kobeissi Letter)