Policy is somewhere around neutralThe path on policy is straightforward, the issue is pace and gradual "makes sense"Do not anticipate inflation will accelerate but also don't see it as falling at this pointThe set of costs pressures of the psat 18 months, starting with tariffs, are broad based and firsm feel they have to pass them alongEarnings remain strong and that is encouraging firms to invest and hold onto workersAI is a big part of current strong demandNice to see a Fed official calling it artificial intelligence rather than super intelligence. At least there's still some independence left. Meanwhile, the talk of 'gradual' hikes helps to lock in the December hike view, which is already at 82% but you could argue it means that the 62 bps priced in for the next year isn't enough. Of course, that likely depends on what happens on inflation, tariffs and war. This article was written by Adam Button at investinglive.com.