We always have to be cautious at reading too much into any one report and that's going to be even more the case when we have a government shutdown that we're not getting the data that we need to make monetary policy in the context of the overall picture of the job market. It seems like the pre-existing trends that were in place before the government shutdown labor market seem to be continuing uh you know at at a similar rate. You continue to see modest potential overall job creation.and you continue to see ...

Neutral Rate Drivers - Population growth is typically a major driver of neutral rates, but recent years have seen an unprecedented acceleration [2] - Population growth changed more in the last 3 years than in the previous 30 years [3] - Fiscal deficits also influence neutral rates [1] Monetary Policy Implications - Changes in neutral rate drivers suggest the neutral rate itself may be changing more rapidly [4] - A decreasing neutral rate leads to passive tightening of monetary policy [4][5] - Maintaining a restrictive policy stance for an extended period increases the risk of inducing an economic downturn due to policy lags [6]