Today's data is very interesting, complex, and contradictory, which indicates that the Federal Reserve's system may be reaching its limits. Complex situations cannot simply be adjusted through interest rate hikes or cuts, and the only outcome that can't be handled is a decline.
Crude oil inventories are decreasing while gasoline inventories are increasing, presenting contradictory data. Rate hikes won't work, and rate cuts lead to inflation (driving up oil prices), and rate cuts also won't work as they lead to a poor economy (high gasoline inventories indicate a weak economy).
Looking back, the initial unemployment claims and new jobs created are another set of contradictory data.
Used car and auto sales also present contradictory data that generally favors interest rate hikes, as they indicate a strong economy with active transaction volume.
In contrast, the mortgage data from the real estate market is more favorable for interest rate cuts (very weak).
In summary, situations that are too complex to be solved with interest rate cuts or hikes can certainly be resolved with a decline!