The Fed's rate cut rationale

The job market is worse than it looks. Tariffs' effects on inflation are probably a one-time bump. The big picture: Those two sentences, in a nutshell, explain why the Fed has resumed its interest rate cuts — even as inflation has ticked up, the unemployment rate remains low, and the stock market is at new highs. That assessment appears to be broadly shared among the many top policymakers making the speeches-and-interview rounds over the last 48 hours, even as they differ on just how far this spurt of rate-cutting ought...