caution

There was “clearly a level of caution” throughout the minutes as participants thought recent indicators didn’t show a sharp deterioration in labor market conditions, Deutsche Bank analysts say in a note.

The result, he says, is caution that “manifests itself in limited engagement, which means the economy won’t take big steps up, but it also is unlikely to take big steps down.”

Here any reliable pundit would counsel caution—it could all fall apart, joy may be premature.

They can’t be faulted for their caution: At anti-Israel protests near Trafalgar Square in London—in May and July—I heard open avowals of support for Hamas.

Meanwhile, Federal Reserve governor Michael Barr urged caution with further rate moves in a Thursday speech, noting that he isn’t satisfied with the central bank’s progress in bringing inflation back down to the 2% target.