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A hold would still need a hawkish explanation. With August PPI up 5.4% YoY, CPI up 0.4% MoM and long-end yields elevated, the Fed's challenge is explaining how its rate path fits the inflation data. My read: a hold paired with a credible willingness to tighten could matter more than the headline decision. Political pressure makes that communication test harder. #FOMCRateCallThisWeek