[Warsh's task forces](https://www.marketwatch.com/story/warshs-task-forces-give-the-fed-wiggle-room-to-put-off-changing-rates-until-december-364fc1fc?mod=mw_rss_topstories) give the Fed wiggle room to punt until December — but that's not rate-cut data, it's rate-hold confirmation. Banks priced in cuts starting Q4. Now they're repricing for a 5.25% terminal rate through 2026.

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