The Silent Inflection

How the Fed Cuts Rates into a CPI Blackhole after the Longest US Government Shutdown

1. Executive Summary

The Federal Reserve is easing into darkness.

For the first time in the modern data era, the Fed is being pushed into a rate-cutting cycle in an environment where the statistical backbone of the US economy has been damaged from the outside. The trigger was not a conventional macro shock like a credit crisis or a pandemic, but politics:…