.Fed's Musalem: Outside of data centers, business investment has been tepidBusiness learning how to run their firms in uncertain environmentCritical to return to having readily available official data that has integrity. We are not flying blind though.Have a reasonable picture of what the economy is doingExpected 4th-quarter weakness, rebound 1st quarter with next year at or above potential.Very accommodative financial conditions and deregulation are tailwinds.Expect labor market to stay around full employment, likely to soften a little, get the 4.5% unemployment.Expects impact of tariffs to fade by 2nd half of next yearExpects inflation the ball starting 2nd half of next year, provided we have appropriate monetary policy.Supported rate cuts so far to protect labor market.Limited room to ease without becoming overly accommodativeCloser to neutral than modestly restrictive.Need to continue to lean against inflation.Meanwhile the hawkish comments from Hammack have given stocks the go-ahead to push lower. The NASDAQ is now down 2.5%. The S&P is down -1.61% and the Dow industrial average is down -1.25%Musalem is the president of the St. Louis Fed, and is a voting member for the December meeting. This article was written by Greg Michalowski at investinglive.com.