I think it is clear that, whatever the economic outlook was on Monday, the outlook is shakier now, and there are stronger arguments for cutting rates.
While we're still skating on the edge of recession, I think the outlook for the economy is now quite encouraging. We may not feel great right now, but if a recession is a nasty case of the flu, the good news is that all we're suffering now is just a really bad cold.
Any time there's a jump in one index, you start to worry about the other one. And any time one of them is tame, you tend to assume that the outlook for the other gets better.