After two years' tightening cycle, the Fed eventually kick off the rates cutting as a responce to cooling labor market, which is the another part of its dual mandate.
Some economists think the Fed is learning from the mistake and does not want to repeat it.
In fact, the biggest mistake the Fed has ever made is slow-footed while responding to the record high inflation in 2022, and the term "transitory" which Powell repeatedly characterized the situation of inflation is obviously a laughing stock.
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