Gary Thayer Closely Quotations

Historically, when we see confidence decline, we have to watch and see if it shows up also affecting spending. We'll be watching closely to see ... whether the decline in confidence is more of a psychological factor or a real factor affecting spending.

It suggests the Fed is going to be watching closely to see if it is time to start taking back rate cuts. I don't think he is saying that is imminent, but his tone is that it might be sooner rather than later.