Monetary policy is well positionedWhat happens to mon pol depends on data and risksWe are likely near the peak impact of tariffsInflation is still quite highThe risks are pretty balanced on the jobs marketRetreat in energy prices is good news, should ebb further and cool inflationJob market is showing stabilityThere isn't much of a guide here but the market is pricing in 30 bps in hikes by year end, so that tells you the 'hot inflation' debate is going to win out, despite the retreat in oil prices. This article was written by Adam Button at investinglive.com.