Slowdown largely reflects slowing consumer spendingBusiness investment has acceleratedDisinflation on services is continuingJob gains are running below the breakeven rateLabor demand has softenedA reasonable expectation is that tariffs will be short-lived but it's also possible that tariff effects could be more-persistentOur aim is to make sure that a one-time shift doesn't become an ongoing problemBalance of risks have shifted with downside risks rising to employmentWe took another step towards neutralWe remain positioned to respond in a timely wayThe initial dovish moves in markets have largely faded and the US dollar is back to pre-decision levels. This article was written by Adam Button at investinglive.com.