Growth is definitely more important to the Fed than inflation. So don't get too carried away by the PPI data; after the NFP data comes out, the September rate cut is essentially set. But don't assume there's much room for rate cuts. The Fed's current rate cuts are limited to three or four times, and if the PCE improves, there could be a few more. The Fed's current ammunition is completely different from when it cut by 50 basis points last year. Tariff inflation won't delay rate cuts, but it will certainly limit the extent of the cuts.