We now have our first Fed Governor and likely next Vice Chair that is hinting at a June pause in hiking rates. Philip Jefferson said “skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming.” He did caveat this though to prevent the markets from getting carried away by saying “A decision to hold our policy rate constant at a coming meeting should not be interpreted to mean that we have reached the peak rate for this cycle.” And, Inflation has come down substantially since last summer, but it is still too high, and by some measured progress has been decelerating recently, particularly in the core services sector.”