Now as you can also imagine Trump came out again and demanded that JJ cut rates by 100 bps (1 full percent) on the back of this data to which I would say again Trump needs to stay in his lane…..and if anyone thinks this latest eco data is going to change next week’s narrative I say ‘it’s time for you to see a shrink’… There is no way that JJ and the FOMC is cutting rates next week at the June meeting…It’s just not happening nor do I see it happening in July which means IF it happens at all this year we are looking at September as the earliest date. (Remember there is no August FOMC meeting but there is the Jackson Hole Symposium more on this later).