The data came mixed, it wasn't what we would have liked regarding Unemployment Insurance, but still mixed. Let's take a look...

* US GDP

Current: -0.5%

Projection: -0.2%

Previous: +2.4%

Much worse than expected. This signals an economic slowdown, which increases the pressure on Powell.

* Initial Unemployment Insurance Claims

Current: 236K

Projection: 244K

Previous: 246K

Here was the problem, it came in better than expected, showing resilience in the labor market. The labor market is still tight, which Powell clearly does not want.

We all saw Powell say that he is cautious about the labor sector. He wants to see more signs of weakening before cutting, to ensure that inflation does not rise again, we need the data to improve a little more (according to Powell's view).