There will be 2 more releases of the US core personal...

There will be 2 more releases of the US core personal consumption expenditure index before the next Fed meeting, so plenty of opportunity for the Fed to respond to new data. If the PCE follows recent trends in the core CPI and PPI - which have already been published for November - the Fed will be able to pull back to 25 points and then hold steady. QT will continue to operate in the background to support interest rates which have clearly reached a restrictive level, so despite the rhetoric the Fed’s work is nearly done