The Fed's not finished. More rate hikes loom.

The Fed's not finished,

We had a bit of a relief rally. And perhaps there's the sense that the Fed is finished for now.

It gives the Federal Reserve more leeway to cut rates. But I don't believe that a BOJ rate cut means that a Fed rate cut impends.

It gives the Federal Reserve more leeway to cut rates, ... But I don't believe that a BOJ rate cut means that a Fed rate cut impends.

The year-over-year gain of 1.7 percent reinforces the sense that the current series of Fed rate hikes is nearly finished.