It confirms that the (Fed) was correct in pausing their tightening cycle at last week's meeting.

The (Fed) may slow the pace of easing but they cannot stop yet.

The deterioration in economic activity would argue for a more aggressive move, but the Fed has rarely moved by more than (half a point) during Greenspan's tenure,

There is some speculation the Fed is closer to halting its tightening cycle.

I think they are. I think that the Fed either finished its tightening for this cycle, or it has 25 basis points to go in a couple of weeks. I do not see the Fed tightening further in August.

Now it looks like the Fed might raise rates at the January meeting, and that might be it.