Last week’s data painted a mixed picture for the US economy. Nonfarm payrolls slowed to 29K and job openings fell to 7.079M, while consumer spending remained firm. Services activity also stayed in expansion territory at 54.9 this Monday, although slightly below expectations. This week, attention turns to today’s FOMC minutes and Friday’s Michigan consumer sentiment reading, as markets look for more clarity on the rates outlook and whether softer labor conditions are beginning to weigh on the consumer. With growth still holding up but the labor market cooling, the question is whether this week’s data reinforces the current rates path or starts to challenge it.