The economic environment and how it filters through to each market.
MODERATING
Activity data has softened from the pace seen earlier in the year, without yet signaling contraction.
COOLING
Headline and core readings have trended lower for several consecutive reports.
COOLING
Job growth and wage pressures have eased from their post-pandemic highs.
RESTRICTIVE
The policy rate remains above neutral, with the Committee balancing growth and inflation risk.
NEUTRAL
Broad financial conditions are neither tightening nor easing meaningfully.