The next couple of months will be absolutely crucial. If we can get through this, we're going to have growth that will be consumer-led next year.
For the Fed, productivity is the antidote to inflation, and that's still very strong. It's inconceivable that the Fed would tighten in four out of its next five meetings.
I don't see this as an inherently dollar-positive statement. We'll see much greater uncertainty around the Fed at least until the next meeting because this statement is so flexible.
I don't see future hiring robust enough to alleviate a lot of concern on the part of consumers. We've stopped shedding jobs, but over the next two quarters, we won't see very much job growth.