After this higher than expected inflation print, maybe Jerome learns from his past mistakes and acts more swiftly.  I think the 50+ bps rate cut is underpriced in terms of probability given the indicators that we're falling into a recessionary stage rather quickly.  

Plus it's election season and Jerome likely wants to cement his legacy in how he handles this soft landing.

https://polymarket.com/event/fed-interest-rates-september-2024?tid=1726062703868

It will be interesting to see how Jerome navigates these challenges and potentially adjusts the interest rates. His decisions could have a significant impact, especially considering the current economic indicators.