If you were dovish coming into this week, you are no longer alone. We’ve been arguing for 3 to 4 cuts this year. We thought the Fed should have cut at the last meeting and the Fed would have cut at the last meeting if the June jobs data remotely resembled what it got revised down to when the July jobs data was released (had to re-read that to make sure it makes sense, but I think it does – just all so confusing when the data gets revised so massively). But we thought Powell might try to channel some ... No Lonesome Doves