Americans are generally in a much better position than they were back in the early days of the financial crisis of the 2000s.
The Fed has recently indicated that it is not likely to reduce interest rates anytime soon due to economic indicators.
What the Fed wants to see is the labor market get very soft and to the point that it's breaking, and then they will find all the confidence in the world to do rate cuts.
Reading the data, he said, might tell a different story about the situation as opposed to strictly paying attention to what Fed officials are saying.
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