Fed Monetary Policy Report;
-Labor supply and demand are similar to the pre-pandemic period, when the labor market was relatively tight but not overheated.
-There has been moderate progress in inflation this year, but more confidence is still needed before moving on to interest rate cuts.
-Liquidity remains at an adequate level in most national banks.
-Financial conditions seem a bit restrictive in general and the pace of bank loans is also a bit slow. Valuations are high relative to fundamentals across major asset classes.