Pantheon Macroeconomics
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The dots imply three regional Fed presidents who will
vote in 2026 disagreed with this meeting’s easing...
...But we reckon all the permanent voters expect to
ease in 2026; labor data will trigger March action.
Year-over-year growth in the ECI was stable at 3.6%
in Q3, but leading indicators signal a sharp fall soon.

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence