- It looks like consumer was stronger than expected this week
- It's really the risks to the labor market that were the focus of today's decision
I think this is notable because he's not raising alarm bells on jobs so far and if that's the case, a couple solid jobs reports could take the December cut right off the table.
- Households and banks are in good shape overall
- Financial structural vulnerabilities are not elevated right now
- Inflation surveys have been 'rock solid'
