Last time, a single statement from New York Fed President Williams flipped the odds of a December CME rate cut, and now he's speaking out again. He believes that the current easing of inflation and slowing employment both prove that last week's rate cut was the right move. This is basically a callback to his previous remarks, mainly to reinforce the rationale behind the Fed's rate cut and dispel market doubts about the Fed's independence and any political pressure from Trump. This also shows that this week's upcoming Non-Farm Payrolls (NFP) and CPI data are crucial. They will provide guidance for rate cuts in 2026, and both sets of data are more likely to validate the existing narrative rather than create a new one.