(https://www.cnbc.com/2026/07/13/waller-says-fed-shouldnt-fight-the-last-war-on-inflation-but-warns-hikes-still-possible.html) the 'energy + tariffs drove it' excuse—he's now warning that inflation is *broader* than anyone modeled, and hikes are back on the table if next week's data is hot. This doesn't sound like a Fed confident in a soft landing.

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